PNC Financial Services Group Inc. Cuts Stock Position in W. P. Carey Inc. (NYSE:WPC)

PNC Financial Services Group Inc. lessened its holdings in W. P. Carey Inc. (NYSE:WPC) by 12.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 25,237 shares of the real estate investment trust’s stock after selling 3,572 shares during the period. PNC Financial Services Group Inc.’s holdings in W. P. Carey were worth $1,375,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of WPC. National Pension Service purchased a new stake in shares of W. P. Carey during the fourth quarter valued at $25,000. Wingate Wealth Advisors Inc. acquired a new stake in W. P. Carey during the 4th quarter worth about $37,000. RPg Family Wealth Advisory LLC purchased a new stake in W. P. Carey during the 3rd quarter valued at about $44,000. Plato Investment Management Ltd acquired a new position in shares of W. P. Carey in the fourth quarter valued at about $48,000. Finally, Roxbury Financial LLC purchased a new position in shares of W. P. Carey in the fourth quarter worth about $58,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on WPC. Barclays increased their price target on shares of W. P. Carey from $56.00 to $60.00 and gave the stock an “underweight” rating in a report on Tuesday, March 4th. BMO Capital Markets raised shares of W. P. Carey from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $60.00 to $67.00 in a report on Tuesday, February 18th. Scotiabank increased their price target on W. P. Carey from $59.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Wells Fargo & Company boosted their price objective on W. P. Carey from $58.00 to $66.00 and gave the company an “equal weight” rating in a report on Monday, March 10th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, W. P. Carey has a consensus rating of “Hold” and a consensus price target of $63.75.

W. P. Carey Price Performance

NYSE:WPC opened at $62.64 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.95. The stock has a 50 day moving average of $58.57 and a two-hundred day moving average of $58.31. The firm has a market cap of $13.71 billion, a P/E ratio of 29.97, a price-to-earnings-growth ratio of 1.06 and a beta of 0.95. W. P. Carey Inc. has a 12 month low of $52.91 and a 12 month high of $66.10.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.89 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.56 dividend on an annualized basis and a yield of 5.68%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. W. P. Carey’s dividend payout ratio (DPR) is presently 168.42%.

W. P. Carey 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.