W. P. Carey (NYSE:WPC) Rating Reiterated by Wells Fargo & Company

W. P. Carey (NYSE:WPC)‘s stock had its “equal weight” rating reaffirmed by research analysts at Wells Fargo & Company in a note issued to investors on Tuesday, Benzinga reports. They presently have a $63.00 target price on the real estate investment trust’s stock, up from their previous target price of $62.00. Wells Fargo & Company‘s target price indicates a potential upside of 2.67% from the stock’s previous close.

WPC has been the subject of a number of other research reports. UBS Group boosted their target price on W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Scotiabank reduced their target price on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. cut their target price on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada decreased their price objective on shares of 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, JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a report on Friday, June 21st. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $61.25.

W. P. Carey Price Performance

W. P. Carey stock traded down $0.94 during midday trading on Tuesday, hitting $61.36. 247,665 shares of the company’s stock were exchanged, compared to its average volume of 1,232,143. W. P. Carey has a 52-week low of $51.36 and a 52-week high of $67.40. The stock has a 50-day moving average price of $59.98 and a two-hundred day moving average price of $57.66. 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 has a market cap of $13.43 billion, a P/E ratio of 23.45, a PEG ratio of 1.18 and a beta of 0.94.

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 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 firm had revenue of $389.70 million for the quarter, compared to the consensus estimate of $381.39 million. During the same period last year, the firm earned $1.36 EPS. The company’s revenue for the quarter was down 13.9% on a year-over-year basis. On average, equities research analysts forecast that W. P. Carey will post 4.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Mark A. Alexander purchased 3,500 shares of the stock in a transaction dated 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 owns 38,124 shares of the company’s stock, valued at $2,129,987.88. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On W. P. Carey

Several hedge funds and other institutional investors have recently modified their holdings of WPC. Sanctuary Advisors LLC acquired a new stake in shares of W. P. Carey during the 2nd quarter worth approximately $1,990,000. KPP Advisory Services LLC acquired a new stake in shares of W. P. Carey during the 2nd quarter worth approximately $222,000. Cetera Investment Advisers grew its stake in shares of W. P. Carey by 0.5% during the 2nd quarter. Cetera Investment Advisers now owns 362,206 shares of the real estate investment trust’s stock worth $19,939,000 after purchasing an additional 1,870 shares during the period. Granite Bay Wealth Management LLC acquired a new stake in shares of W. P. Carey during the 2nd quarter worth approximately $1,976,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of W. P. Carey during the 2nd quarter worth approximately $1,527,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

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.