W. P. Carey (NYSE:WPC) Posts Earnings Results, Misses Expectations By $0.47 EPS

W. P. Carey (NYSE:WPC) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.47), Yahoo Finance reports. The company had revenue of $389.70 million during the quarter, compared to analysts’ expectations of $381.39 million. W. P. Carey had a return on equity of 6.41% and a net margin of 33.65%. The firm’s revenue was down 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.36 EPS. W. P. Carey updated its FY24 guidance to $4.63-4.73 EPS and its FY 2024 guidance to 4.630-4.730 EPS.

W. P. Carey Price Performance

NYSE WPC traded down $2.41 during trading on Wednesday, hitting $58.39. 1,162,969 shares of the company’s stock were exchanged, compared to its average volume of 1,296,298. The company has a market cap of $12.78 billion, a PE ratio of 23.13, a P/E/G ratio of 1.13 and a beta of 0.93. W. P. Carey has a fifty-two week low of $51.36 and a fifty-two week high of $68.70. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.87. The stock’s 50 day moving average price is $56.80 and its two-hundred day moving average price is $57.53.

W. P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 5.96%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, June 28th. W. P. Carey’s dividend payout ratio is presently 132.32%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wells Fargo & Company dropped their price target on shares of W. P. Carey from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. JPMorgan Chase & Co. lowered their price target on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Royal Bank of Canada decreased their price target on shares of W. P. Carey from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. UBS Group upped their price objective on W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Finally, JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a research note on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, W. P. Carey has an average rating of “Hold” and an average price target of $61.00.

W. P. Carey Company Profile

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.