Cetera Investment Advisers cut its holdings in W. P. Carey Inc. (NYSE:WPC – Free Report) by 4.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 99,552 shares of the real estate investment trust’s stock after selling 4,708 shares during the quarter. Cetera Investment Advisers’ holdings in W. P. Carey were worth $6,726,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its stake in W. P. Carey by 20.6% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 786 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 134 shares during the last quarter. Arbor Capital Management Inc. ADV lifted its position in shares of W. P. Carey by 1.5% during the 1st quarter. Arbor Capital Management Inc. ADV now owns 9,465 shares of the real estate investment trust’s stock valued at $706,000 after acquiring an additional 143 shares during the last quarter. Procyon Advisors LLC boosted its stake in shares of W. P. Carey by 2.2% during the 2nd quarter. Procyon Advisors LLC now owns 6,767 shares of the real estate investment trust’s stock worth $457,000 after acquiring an additional 148 shares in the last quarter. Joel Isaacson & Co. LLC grew its holdings in shares of W. P. Carey by 3.2% in the 2nd quarter. Joel Isaacson & Co. LLC now owns 4,885 shares of the real estate investment trust’s stock worth $330,000 after acquiring an additional 150 shares during the last quarter. Finally, Capital Investment Advisory Services LLC raised its position in shares of W. P. Carey by 1.8% during the second quarter. Capital Investment Advisory Services LLC now owns 9,004 shares of the real estate investment trust’s stock worth $608,000 after purchasing an additional 156 shares during the period. 62.62% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on WPC. Evercore ISI decreased their price target on W. P. Carey from $76.00 to $66.00 and set an “in-line” rating for the company in a research report on Friday, September 22nd. Scotiabank decreased their target price on shares of W. P. Carey from $71.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, September 28th. Bank of America cut their price target on shares of W. P. Carey from $67.00 to $54.00 and set an “underperform” rating on the stock in a report on Tuesday, September 26th. Wells Fargo & Company started coverage on shares of W. P. Carey in a research note on Wednesday, September 20th. They issued an “equal weight” rating and a $66.00 price objective for the company. Finally, Royal Bank of Canada cut their target price on shares of W. P. Carey from $79.00 to $73.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, W. P. Carey has a consensus rating of “Hold” and a consensus target price of $66.60.
W. P. Carey Price Performance
WPC opened at $56.93 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.85. W. P. Carey Inc. has a 1 year low of $51.36 and a 1 year high of $85.94. The stock has a fifty day moving average price of $55.91 and a 200 day moving average price of $64.12. The stock has a market cap of $12.45 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 6.46 and a beta of 0.84.
W. P. Carey Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were paid a $1.071 dividend. This is a boost 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 annualized dividend and a dividend yield of 7.53%. W. P. Carey’s payout ratio is presently 117.58%.
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.
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