AGF Management Ltd. Purchases 9,471 Shares of W. P. Carey Inc. (NYSE:WPC)

AGF Management Ltd. grew its position in shares of W. P. Carey Inc. (NYSE:WPC) by 22.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,363 shares of the real estate investment trust’s stock after buying an additional 9,471 shares during the quarter. AGF Management Ltd.’s holdings in W. P. Carey were worth $3,470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Kerntke Otto McGlone Wealth Management Group increased its stake in shares of W. P. Carey by 2.6% in the 2nd quarter. Kerntke Otto McGlone Wealth Management Group now owns 6,507 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 162 shares in the last quarter. Sheets Smith Wealth Management increased its stake in shares of W. P. Carey by 0.8% in the 2nd quarter. Sheets Smith Wealth Management now owns 80,737 shares of the real estate investment trust’s stock worth $5,455,000 after purchasing an additional 680 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of W. P. Carey by 9.2% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 208,597 shares of the real estate investment trust’s stock worth $14,093,000 after purchasing an additional 17,504 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of W. P. Carey by 19.0% in the 2nd quarter. Fisher Asset Management LLC now owns 7,704 shares of the real estate investment trust’s stock worth $521,000 after purchasing an additional 1,230 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its stake in shares of W. P. Carey by 4.7% in the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 10,323 shares of the real estate investment trust’s stock worth $697,000 after purchasing an additional 466 shares in the last quarter. 62.62% of the stock is currently owned by hedge funds and other institutional investors.

W. P. Carey Trading Up 1.1 %

Shares of W. P. Carey stock opened at $56.93 on Friday. The firm has a market cap of $12.45 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 6.12 and a beta of 0.84. The business has a 50-day moving average price of $55.91 and a 200-day moving average price of $64.12. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.85. W. P. Carey Inc. has a twelve month low of $51.36 and a twelve month high of $85.94.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were issued a $1.071 dividend. This is an increase from W. P. Carey’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 7.53%. W. P. Carey’s dividend payout ratio (DPR) is presently 117.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on WPC shares. Evercore ISI reduced their price objective on W. P. Carey from $76.00 to $66.00 and set an “in-line” rating for the company in a research note on Friday, September 22nd. Wells Fargo & Company began coverage on W. P. Carey in a research note on Wednesday, September 20th. They issued an “equal weight” rating and a $66.00 price target for the company. Raymond James cut their price target on W. P. Carey from $78.00 to $63.00 and set an “outperform” rating for the company in a research note on Monday, October 2nd. BMO Capital Markets lowered W. P. Carey from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $75.00 to $60.00 in a research note on Tuesday, September 26th. Finally, StockNews.com began coverage on W. P. Carey in a research note on Friday, November 3rd. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, W. P. Carey presently has an average rating of “Hold” and a consensus price target of $66.60.

About W. P. Carey

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $23 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,475 net lease properties covering approximately 180 million square feet and a portfolio of 85 self-storage operating properties, as of June 30, 2023.