Van ECK Associates Corp Decreases Stake in W. P. Carey Inc. (NYSE:WPC)

Van ECK Associates Corp cut its stake in shares of W. P. Carey Inc. (NYSE:WPC) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,324 shares of the real estate investment trust’s stock after selling 2,752 shares during the quarter. Van ECK Associates Corp’s holdings in W. P. Carey were worth $4,863,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Catalytic Wealth RIA LLC grew its stake in W. P. Carey by 5.2% during the 2nd quarter. Catalytic Wealth RIA LLC now owns 4,033 shares of the real estate investment trust’s stock valued at $222,000 after purchasing an additional 198 shares during the last quarter. HB Wealth Management LLC boosted its position in W. P. Carey by 6.2% in the first quarter. HB Wealth Management LLC now owns 3,576 shares of the real estate investment trust’s stock valued at $202,000 after buying an additional 208 shares during the last quarter. Fisher Asset Management LLC boosted its position in W. P. Carey by 3.2% in the fourth quarter. Fisher Asset Management LLC now owns 6,811 shares of the real estate investment trust’s stock valued at $441,000 after buying an additional 209 shares during the last quarter. Cooper Financial Group increased its holdings in W. P. Carey by 2.1% in the 2nd quarter. Cooper Financial Group now owns 10,881 shares of the real estate investment trust’s stock worth $599,000 after buying an additional 224 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its position in W. P. Carey by 93.1% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 479 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 231 shares during the last quarter. 73.73% of the stock is owned by institutional investors and hedge funds.

W. P. Carey Price Performance

W. P. Carey stock opened at $60.40 on Wednesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.93 and a current ratio of 1.93. The company’s fifty day moving average price is $57.74 and its 200 day moving average price is $56.87. The stock has a market capitalization of $13.22 billion, a P/E ratio of 22.97, a P/E/G ratio of 1.12 and a beta of 0.92. W. P. Carey Inc. has a 1 year low of $51.36 and a 1 year high of $67.40.

W. P. Carey (NYSE:WPC) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share 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 company had revenue of $389.70 million for the quarter, compared to analyst estimates of $381.39 million. During the same quarter last year, the company earned $1.36 EPS. The firm’s revenue for the quarter was down 13.9% on a year-over-year basis. As a group, equities research analysts anticipate that W. P. Carey Inc. will post 4.53 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a dividend yield of 5.76%. 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%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Evercore ISI increased their price objective on shares of W. P. Carey from $61.00 to $63.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Scotiabank cut their price target on 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. UBS Group boosted their price objective on W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a report on Friday, June 21st. Finally, Royal Bank of Canada reduced their price target on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.00.

Insider Activity at W. P. Carey

In other W. P. Carey news, Director Mark A. Alexander bought 3,500 shares of the stock in a transaction on Friday, August 9th. The shares were bought 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 in the company, valued at approximately $2,129,987.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.08% of the stock is owned by corporate insiders.

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.