Harbour Investments Inc. Boosts Stock Holdings in W. P. Carey Inc. (NYSE:WPC)

Harbour Investments Inc. grew its stake in shares of W. P. Carey Inc. (NYSE:WPC) by 5.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,626 shares of the real estate investment trust’s stock after buying an additional 203 shares during the period. Harbour Investments Inc.’s holdings in W. P. Carey were worth $226,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in W. P. Carey by 0.6% during the first quarter. Vanguard Group Inc. now owns 30,971,062 shares of the real estate investment trust’s stock valued at $1,748,007,000 after buying an additional 187,022 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of W. P. Carey by 22.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,240,705 shares of the real estate investment trust’s stock valued at $178,401,000 after acquiring an additional 588,636 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in W. P. Carey by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,152,879 shares of the real estate investment trust’s stock worth $173,570,000 after purchasing an additional 204,064 shares during the period. Bank of New York Mellon Corp increased its holdings in W. P. Carey by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,524,490 shares of the real estate investment trust’s stock valued at $138,973,000 after purchasing an additional 7,549 shares in the last quarter. Finally, PGGM Investments increased its holdings in W. P. Carey by 18.5% in the 2nd quarter. PGGM Investments now owns 2,498,975 shares of the real estate investment trust’s stock valued at $137,569,000 after purchasing an additional 389,853 shares in the last quarter. 73.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WPC. Evercore ISI upped their target price 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. Scotiabank lowered 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 report on Wednesday, August 7th. Royal Bank of Canada dropped their price objective on shares of 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. Barclays raised their price target on shares of W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Finally, UBS Group decreased their price objective on shares of W. P. Carey from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, W. P. Carey has an average rating of “Hold” and an average target price of $62.88.

W. P. Carey Stock Up 1.7 %

Shares of W. P. Carey stock opened at $55.77 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.90. The business has a 50-day moving average price of $59.52 and a 200 day moving average price of $58.23. W. P. Carey Inc. has a fifty-two week low of $53.09 and a fifty-two week high of $67.40. The firm has a market cap of $12.21 billion, a P/E ratio of 21.96, a P/E/G ratio of 1.04 and a beta of 0.95.

W. P. Carey (NYSE:WPC) last posted its quarterly 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). W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The firm had revenue of $394.78 million for the quarter, compared to analyst estimates of $377.43 million. During the same period in the prior year, the company posted $1.32 earnings per share. The business’s revenue was down 11.9% on a year-over-year basis. On average, sell-side analysts forecast that W. P. Carey Inc. will post 4.52 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.875 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 annualized dividend and a dividend yield of 6.28%. W. P. Carey’s payout ratio is 137.80%.

About W. P. Carey

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.