W. P. Carey (NYSE:WPC) Updates FY24 Earnings Guidance

W. P. Carey (NYSE:WPC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.65-4.71 for the period, compared to the consensus earnings per share estimate of $4.72. W. P. Carey also updated its FY 2024 guidance to 4.650-4.710 EPS.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Scotiabank reduced their price objective on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Evercore ISI upped their price objective on shares of W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, UBS Group upped their price objective on shares of W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, W. P. Carey presently has a consensus rating of “Hold” and an average target price of $63.25.

W. P. Carey Trading Down 1.0 %

Shares of W. P. Carey stock traded down $0.54 during trading hours on Wednesday, hitting $56.16. The company’s stock had a trading volume of 2,128,995 shares, compared to its average volume of 1,212,602. W. P. Carey has a 1-year low of $52.67 and a 1-year high of $67.40. The business has a fifty day moving average of $60.65 and a 200 day moving average of $58.19. The company has a market capitalization of $12.29 billion, a PE ratio of 21.37, a P/E/G ratio of 1.11 and a beta of 0.94. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.94.

W. P. Carey (NYSE:WPC) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.47). W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The business had revenue of $389.70 million during the quarter, compared to analyst estimates of $381.39 million. During the same period in the previous year, the company earned $1.36 EPS. W. P. Carey’s revenue was down 13.9% on a year-over-year basis. As a group, equities analysts forecast that W. P. Carey will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.875 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.50 annualized dividend and a dividend yield of 6.23%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio is presently 133.08%.

Insider Transactions at W. P. Carey

In other news, Director Mark A. Alexander bought 3,500 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was acquired at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the completion of the purchase, the director now owns 38,124 shares of the company’s stock, valued at $2,129,987.88. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.08% of the company’s stock.

About W. P. Carey

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.