Zurcher Kantonalbank Zurich Cantonalbank Trims Position in W. P. Carey Inc. (NYSE:WPC)

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in W. P. Carey Inc. (NYSE:WPC) by 36.2% in the 2nd quarter, Holdings Channel.com reports. The fund owned 81,798 shares of the real estate investment trust’s stock after selling 46,463 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in W. P. Carey were worth $4,503,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in WPC. Ridgewood Investments LLC bought a new stake in W. P. Carey during the second quarter worth approximately $41,000. Arkadios Wealth Advisors raised its holdings in W. P. Carey by 49.9% in the 2nd quarter. Arkadios Wealth Advisors now owns 15,483 shares of the real estate investment trust’s stock worth $852,000 after acquiring an additional 5,151 shares during the period. HB Wealth Management LLC boosted its holdings in W. P. Carey by 247.3% in the 2nd quarter. HB Wealth Management LLC now owns 12,419 shares of the real estate investment trust’s stock valued at $684,000 after purchasing an additional 8,843 shares during the period. Atomi Financial Group Inc. increased its position in shares of W. P. Carey by 45.9% during the second quarter. Atomi Financial Group Inc. now owns 6,217 shares of the real estate investment trust’s stock valued at $342,000 after purchasing an additional 1,956 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in W. P. Carey by 1,510.0% during the second 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 period. 73.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Evercore ISI increased their price target on W. P. Carey from $61.00 to $63.00 and gave the company an “in-line” rating in a research note on Wednesday. Scotiabank lowered their target price 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. UBS Group upped their price target on shares of W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. reduced their price target on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Finally, Wells Fargo & Company increased their price target on W. P. Carey from $60.00 to $62.00 and gave the stock an “equal weight” rating in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $60.00.

Insider Activity at W. P. Carey

In other news, Director Mark A. Alexander purchased 3,500 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was acquired at an average price of $55.87 per share, with a total value of $195,545.00. Following the purchase, 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 legal filing with the SEC, which is available at this hyperlink. 1.08% of the stock is owned by insiders.

W. P. Carey Price Performance

W. P. Carey stock opened at $60.01 on Friday. The company has a 50-day moving average price of $57.55 and a 200 day moving average price of $56.81. 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 stock has a market cap of $13.13 billion, a P/E ratio of 22.82, a PEG ratio of 1.07 and a beta of 0.92. W. P. Carey Inc. has a 12-month low of $51.36 and a 12-month high of $67.40.

W. P. Carey (NYSE:WPC) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.47). The business had revenue of $389.70 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the company earned $1.36 earnings per share. Sell-side analysts anticipate that W. P. Carey Inc. will post 4.53 earnings per share for the current year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 5.80%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, June 28th. W. P. Carey’s payout ratio is presently 132.32%.

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.