Crossmark Global Holdings Inc. Raises Stake in W. P. Carey Inc. (NYSE:WPC)

Crossmark Global Holdings Inc. lifted its holdings in W. P. Carey Inc. (NYSE:WPC) by 6.6% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 15,081 shares of the real estate investment trust’s stock after acquiring an additional 928 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in W. P. Carey were worth $940,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in WPC. Massmutual Trust Co. FSB ADV lifted its position in W. P. Carey by 93.1% during the second quarter. Massmutual Trust Co. FSB ADV now owns 479 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 231 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of W. P. Carey by 1,510.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 453 shares in the last quarter. Quarry LP lifted its position in W. P. Carey by 175.9% during the 2nd quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 357 shares during the period. Lynx Investment Advisory bought a new stake in W. P. Carey during the second quarter worth about $34,000. Finally, EdgeRock Capital LLC purchased a new stake in W. P. Carey in the second quarter worth about $39,000. 73.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on WPC shares. Wells Fargo & Company reissued an “equal weight” rating and issued a $63.00 price target (up from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. Royal Bank of Canada cut their target price on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Evercore ISI lifted their price target on W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. UBS Group dropped their price target on shares of W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Scotiabank reduced their price objective on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $62.88.

W. P. Carey Price Performance

WPC opened at $54.84 on Friday. The company’s 50-day simple moving average is $59.63 and its two-hundred day simple moving average is $58.19. W. P. Carey Inc. has a 52-week low of $53.09 and a 52-week high of $67.40. The stock has a market capitalization of $12.00 billion, a P/E ratio of 21.59, a P/E/G ratio of 1.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.00 and a current ratio of 1.00.

W. P. Carey (NYSE:WPC) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.62). The company had revenue of $394.78 million during the quarter, compared to analysts’ expectations of $377.43 million. W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.32 EPS. As a group, analysts predict that W. P. Carey Inc. will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.875 dividend. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date was Monday, September 30th. This represents a $3.50 dividend on an annualized basis and a yield of 6.38%. W. P. Carey’s dividend payout ratio is currently 137.80%.

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.