Wells Fargo & Company Increases W. P. Carey (NYSE:WPC) Price Target to $62.00

W. P. Carey (NYSE:WPC) had its price objective increased by equities research analysts at Wells Fargo & Company from $60.00 to $62.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 3.63% from the company’s current price.

A number of other equities analysts have also issued reports on the company. JPMorgan Chase & Co. decreased their price objective on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, July 12th. JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a report on Friday, June 21st. UBS Group increased their price objective on W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Royal Bank of Canada decreased their price objective on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Scotiabank decreased their price objective on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating for the company in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $61.09.

W. P. Carey Stock Down 0.3 %

Shares of W. P. Carey stock opened at $59.83 on Monday. The company has a current ratio of 1.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. The business’s 50 day simple moving average is $57.30 and its 200-day simple moving average is $56.75. The stock has a market capitalization of $13.09 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 1.07 and a beta of 0.92. W. P. Carey has a twelve month low of $51.36 and a twelve month high of $67.40.

W. P. Carey (NYSE:WPC) last announced 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 company had revenue of $389.70 million for 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 firm’s revenue for the quarter was down 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.36 earnings per share. Equities research analysts forecast that W. P. Carey will post 4.53 earnings per share for the current year.

Insider Transactions at W. P. Carey

In related news, Director Mark A. Alexander bought 3,500 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the acquisition, the director now directly owns 38,124 shares of the company’s stock, valued at approximately $2,129,987.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.08% of the company’s stock.

Hedge Funds Weigh In On W. P. Carey

Hedge funds have recently modified their holdings of the stock. Richardson Financial Services Inc. acquired a new position in shares of W. P. Carey in the 1st quarter worth $26,000. Massmutual Trust Co. FSB ADV grew its holdings 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 worth $26,000 after acquiring an additional 231 shares during the last quarter. First United Bank & Trust acquired a new position in shares of W. P. Carey in the 4th quarter worth $27,000. Allspring Global Investments Holdings LLC boosted its position in shares of W. P. Carey by 1,510.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 453 shares during the period. Finally, Riverview Trust Co acquired a new stake in shares of W. P. Carey in the first quarter worth $28,000. 73.73% of the stock is currently owned by institutional investors and hedge funds.

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.