W. P. Carey (NYSE:WPC) Given New $62.00 Price Target at Royal Bank of Canada

W. P. Carey (NYSE:WPC) had its target price lowered by Royal Bank of Canada from $63.00 to $62.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the stock. Scotiabank upped their price objective on shares of W. P. Carey from $55.00 to $60.00 and gave the stock a sector perform rating in a research report on Thursday, May 16th. Wells Fargo & Company reduced their price target on shares of W. P. Carey from $61.00 to $60.00 and set an equal weight rating for the company in a research report on Thursday, May 30th. UBS Group boosted their price objective on W. P. Carey from $57.00 to $63.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. JMP Securities restated a market perform rating on shares of W. P. Carey in a research report on Friday, June 21st. Finally, JPMorgan Chase & Co. dropped their price target on W. P. Carey from $70.00 to $68.00 and set an overweight rating for the company in a research report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $60.91.

W. P. Carey Trading Down 0.1 %

Shares of W. P. Carey stock opened at $57.23 on Thursday. The firm has a 50-day simple moving average of $56.78 and a two-hundred day simple moving average of $57.33. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 1.93. W. P. Carey has a fifty-two week low of $51.36 and a fifty-two week high of $67.75. The company has a market cap of $12.52 billion, a P/E ratio of 21.76, a price-to-earnings-growth ratio of 1.07 and a beta of 0.92.

W. P. Carey (NYSE:WPC) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.47). The business had revenue of $389.70 million during the quarter, compared to analyst estimates of $381.39 million. W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The business’s revenue for the quarter was down 13.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.36 EPS. As a group, equities analysts predict that W. P. Carey will post 4.53 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.87 per share. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.48 annualized dividend and a yield of 6.08%. The ex-dividend date was Friday, June 28th. W. P. Carey’s dividend payout ratio (DPR) is presently 132.32%.

Institutional Trading of W. P. Carey

Hedge funds have recently made changes to their positions in the company. Richardson Financial Services Inc. acquired a new position in W. P. Carey in the first quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of W. P. Carey by 93.1% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 479 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. First United Bank & Trust purchased a new position in shares of W. P. Carey during the 4th quarter worth $27,000. Allspring Global Investments Holdings LLC increased its position in shares of W. P. Carey by 1,510.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 453 shares during the last quarter. Finally, Riverview Trust Co purchased a new stake in W. P. Carey in the 1st quarter valued at about $28,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

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.