D.B. Root & Company LLC Reduces Holdings in W. P. Carey Inc. (NYSE:WPC)

D.B. Root & Company LLC reduced its position in W. P. Carey Inc. (NYSE:WPC) by 46.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,065 shares of the real estate investment trust’s stock after selling 3,566 shares during the period. D.B. Root & Company LLC’s holdings in W. P. Carey were worth $253,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Maia Wealth LLC acquired a new stake in shares of W. P. Carey during the third quarter worth approximately $40,000. Focused Wealth Management Inc acquired a new position in W. P. Carey during the 3rd quarter worth $204,000. NorthRock Partners LLC bought a new stake in shares of W. P. Carey in the 3rd quarter worth about $223,000. Clarity Financial LLC acquired a new stake in shares of W. P. Carey in the 3rd quarter valued at about $376,000. Finally, Stoneridge Investment Partners LLC bought a new position in shares of W. P. Carey during the third quarter worth about $1,692,000. 73.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Scotiabank cut their price objective on 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 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. Wells Fargo & Company reiterated an “equal weight” rating and set a $63.00 target price (up previously from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Evercore ISI raised their price target on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, UBS Group boosted 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 report 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 MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.25.

W. P. Carey Stock Up 0.6 %

WPC stock opened at $55.73 on Friday. The stock has a market cap of $12.20 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 1.03 and a beta of 0.95. The firm’s 50-day simple moving average is $60.11 and its 200 day simple moving average is $58.20. W. P. Carey Inc. has a fifty-two week low of $53.01 and a fifty-two week high of $67.40. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.90.

W. P. Carey (NYSE:WPC) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.62). The firm had revenue of $394.78 million during the quarter, compared to the consensus estimate of $377.43 million. W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. W. P. Carey’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter last year, the company posted $1.32 EPS. As a group, sell-side analysts predict that W. P. Carey Inc. will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.875 per share. The ex-dividend date was Monday, September 30th. This represents a $3.50 annualized dividend and a yield of 6.28%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s payout ratio is presently 137.80%.

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.