Mirae Asset Global Investments Co. Ltd. Raises Holdings in W. P. Carey Inc. (NYSE:WPC)

Mirae Asset Global Investments Co. Ltd. increased its position in shares of W. P. Carey Inc. (NYSE:WPCGet Rating) by 7.4% in the 1st quarter, Holdings Channel reports. The firm owned 228,925 shares of the real estate investment trust’s stock after purchasing an additional 15,760 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in W. P. Carey were worth $18,506,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in WPC. Rhumbline Advisers increased its position in shares of W. P. Carey by 3.3% during the fourth quarter. Rhumbline Advisers now owns 180,697 shares of the real estate investment trust’s stock worth $14,826,000 after purchasing an additional 5,767 shares in the last quarter. Covestor Ltd purchased a new stake in shares of W. P. Carey during the fourth quarter worth approximately $48,000. abrdn plc increased its position in shares of W. P. Carey by 6.3% during the fourth quarter. abrdn plc now owns 78,435 shares of the real estate investment trust’s stock worth $6,436,000 after purchasing an additional 4,664 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of W. P. Carey by 10.1% during the fourth quarter. Allianz Asset Management GmbH now owns 317,937 shares of the real estate investment trust’s stock worth $26,086,000 after purchasing an additional 29,157 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its position in shares of W. P. Carey by 25.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 49,430 shares of the real estate investment trust’s stock worth $4,057,000 after purchasing an additional 10,130 shares in the last quarter. 64.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on WPC shares. JMP Securities boosted their price objective on W. P. Carey from $87.00 to $93.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 3rd. Wolfe Research started coverage on W. P. Carey in a research note on Monday, June 27th. They set a “market perform” rating and a $88.00 price objective on the stock. Royal Bank of Canada boosted their price objective on W. P. Carey from $87.00 to $94.00 and gave the stock an “outperform” rating in a research note on Monday, August 1st. Evercore ISI set a $89.00 price objective on W. P. Carey in a research note on Monday, June 20th. Finally, Raymond James boosted their price objective on W. P. Carey from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, July 8th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $91.80.

W. P. Carey Stock Performance

Shares of W. P. Carey stock opened at $84.60 on Friday. W. P. Carey Inc. has a 52 week low of $73.02 and a 52 week high of $89.63. The business’s fifty day simple moving average is $85.18 and its 200-day simple moving average is $83.05. The firm has a market cap of $16.32 billion, a PE ratio of 30.76, a price-to-earnings-growth ratio of 7.38 and a beta of 0.68. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.83.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $1.061 dividend. This represents a $4.24 annualized dividend and a dividend yield of 5.02%. The ex-dividend date is Thursday, September 29th. This is a positive change from W. P. Carey’s previous quarterly dividend of $1.06. W. P. Carey’s dividend payout ratio is 154.18%.

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.

Further Reading

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Institutional Ownership by Quarter for W. P. Carey (NYSE:WPC)

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