W. P. Carey Inc. (NYSE:WPC – Get Rating) announced a quarterly dividend on Thursday, June 16th, RTT News reports. Shareholders of record on Thursday, June 30th will be given a dividend of 1.059 per share by the real estate investment trust on Friday, July 15th. This represents a $4.24 annualized dividend and a yield of 5.16%. This is a boost from W. P. Carey’s previous quarterly dividend of $1.06.
W. P. Carey has increased its dividend payment by an average of 0.9% annually over the last three years and has increased its dividend annually for the last 26 consecutive years. W. P. Carey has a payout ratio of 156.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect W. P. Carey to earn $5.23 per share next year, which means the company should continue to be able to cover its $4.23 annual dividend with an expected future payout ratio of 80.9%.
WPC opened at $82.05 on Friday. W. P. Carey has a 1-year low of $73.02 and a 1-year high of $86.48. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.82. The company has a market cap of $15.83 billion, a P/E ratio of 29.73, a price-to-earnings-growth ratio of 8.68 and a beta of 0.70. The company has a fifty day moving average price of $82.14 and a two-hundred day moving average price of $80.01.
Several equities research analysts have weighed in on the stock. StockNews.com downgraded shares of W. P. Carey from a “buy” rating to a “hold” rating in a research note on Wednesday, June 1st. Raymond James assumed coverage on shares of W. P. Carey in a report on Thursday, April 14th. They set an “outperform” rating and a $90.00 price objective for the company. Finally, JMP Securities assumed coverage on shares of W. P. Carey in a report on Tuesday, May 10th. They set an “outperform” rating and a $87.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $88.80.
Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp boosted its holdings in W. P. Carey by 17.1% during the first quarter. State Street Corp now owns 9,572,789 shares of the real estate investment trust’s stock worth $783,467,000 after purchasing an additional 1,400,997 shares during the last quarter. Vanguard Group Inc. boosted its holdings in W. P. Carey by 3.9% during the first quarter. Vanguard Group Inc. now owns 27,334,613 shares of the real estate investment trust’s stock worth $2,209,731,000 after purchasing an additional 1,016,340 shares during the last quarter. National Pension Service boosted its holdings in W. P. Carey by 757,822.2% during the first quarter. National Pension Service now owns 272,852 shares of the real estate investment trust’s stock worth $22,057,000 after purchasing an additional 272,816 shares during the last quarter. Morgan Stanley boosted its holdings in W. P. Carey by 22.1% during the second quarter. Morgan Stanley now owns 1,124,027 shares of the real estate investment trust’s stock worth $83,875,000 after purchasing an additional 203,575 shares during the last quarter. Finally, UBS Group AG boosted its holdings in W. P. Carey by 9.8% during the first quarter. UBS Group AG now owns 1,595,104 shares of the real estate investment trust’s stock worth $128,948,000 after purchasing an additional 142,564 shares during the last quarter. Hedge funds and other institutional investors own 58.86% of the company’s stock.
W. P. Carey Company Profile (Get Rating)
W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators.
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