Cornercap Investment Counsel Inc. Sells 3,051 Shares of W. P. Carey Inc. (NYSE:WPC)

Cornercap Investment Counsel Inc. reduced its stake in W. P. Carey Inc. (NYSE:WPC) by 32.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,474 shares of the real estate investment trust’s stock after selling 3,051 shares during the period. Cornercap Investment Counsel Inc.’s holdings in W. P. Carey were worth $403,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. King Wealth Management Group acquired a new position in shares of W. P. Carey during the third quarter valued at about $218,000. CIBC Asset Management Inc boosted its holdings in W. P. Carey by 5.4% during the third quarter. CIBC Asset Management Inc now owns 7,748 shares of the real estate investment trust’s stock worth $483,000 after purchasing an additional 395 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its holdings in W. P. Carey by 6.3% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,910 shares of the real estate investment trust’s stock worth $368,000 after purchasing an additional 352 shares during the last quarter. Metis Global Partners LLC boosted its holdings in W. P. Carey by 25.9% during the third quarter. Metis Global Partners LLC now owns 26,131 shares of the real estate investment trust’s stock worth $1,628,000 after purchasing an additional 5,375 shares during the last quarter. Finally, KBC Group NV boosted its holdings in W. P. Carey by 746.6% during the third quarter. KBC Group NV now owns 149,820 shares of the real estate investment trust’s stock worth $9,334,000 after purchasing an additional 132,124 shares during the last quarter. 73.73% of the stock is owned by institutional investors.

W. P. Carey Trading Up 1.7 %

WPC stock opened at $55.77 on Friday. The firm has a fifty day moving average price of $59.52 and a 200 day moving average price of $58.21. W. P. Carey Inc. has a fifty-two week low of $53.09 and a fifty-two week high of $67.40. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $12.21 billion, a PE ratio of 21.96, a price-to-earnings-growth ratio of 1.03 and a beta of 0.95.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $377.43 million. W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.32 earnings per share. Sell-side analysts anticipate that W. P. Carey Inc. will post 4.52 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 Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.875 dividend. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 annualized dividend and a dividend yield of 6.28%. The ex-dividend date was Monday, September 30th. W. P. Carey’s payout ratio is presently 137.80%.

Wall Street Analysts Forecast Growth

Several analysts have commented on WPC shares. Scotiabank lowered 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 report on Wednesday, August 7th. Barclays lifted their price objective on shares of W. P. Carey from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Evercore ISI lifted their price objective 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. UBS Group lowered their price objective on shares of W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada lowered their price target on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.88.

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.