35,060 Shares in W. P. Carey Inc. (NYSE:WPC) Bought by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC purchased a new position in shares of W. P. Carey Inc. (NYSE:WPC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,060 shares of the real estate investment trust’s stock, valued at approximately $1,976,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. bought a new stake in W. P. Carey during the second quarter worth $1,527,000. Quarry LP raised its position in W. P. Carey by 175.9% during the second quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 357 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in W. P. Carey during the second quarter worth $9,174,000. Scientech Research LLC raised its position in W. P. Carey by 95.2% during the second quarter. Scientech Research LLC now owns 12,958 shares of the real estate investment trust’s stock worth $713,000 after acquiring an additional 6,320 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in W. P. Carey during the second quarter worth $4,043,000. 73.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WPC has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. UBS Group increased 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. Evercore ISI increased their price objective on shares of W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Scotiabank dropped 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. Finally, JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a research report on Friday, June 21st. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, W. P. Carey presently has a consensus rating of “Hold” and an average price target of $61.13.

W. P. Carey Trading Down 0.7 %

WPC stock opened at $62.31 on Tuesday. 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 50-day simple moving average is $59.98 and its 200 day simple moving average is $57.66. W. P. Carey Inc. has a 52 week low of $51.36 and a 52 week high of $67.40. The company has a market capitalization of $13.63 billion, a PE ratio of 23.69, a price-to-earnings-growth ratio of 1.18 and a beta of 0.94.

W. P. Carey (NYSE:WPC) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.47). W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The business had revenue of $389.70 million during the quarter, compared to analyst estimates of $381.39 million. During the same quarter last year, the company posted $1.36 earnings per share. The company’s revenue was down 13.9% on a year-over-year basis. As a group, sell-side analysts anticipate that W. P. Carey Inc. will post 4.52 earnings per share for the current year.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a yield of 5.62%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Monday, September 30th. W. P. Carey’s dividend payout ratio is presently 133.08%.

Insiders Place Their Bets

In other news, Director Mark A. Alexander acquired 3,500 shares of W. P. Carey stock in a transaction on Friday, August 9th. The shares were purchased at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the completion of 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 document filed with the SEC, which is accessible through this link. Corporate insiders own 1.08% of the company’s stock.

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.