W. P. Carey (NYSE:WPC) Releases FY24 Earnings Guidance

W. P. Carey (NYSE:WPCGet Free Report) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $4.65-4.75 for the period, compared to the consensus estimate of $4.70. W. P. Carey also updated its FY 2024 guidance to 4.650-4.750 EPS.

W. P. Carey Price Performance

Shares of NYSE:WPC opened at $57.38 on Monday. W. P. Carey has a 1-year low of $51.36 and a 1-year high of $85.36. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.12 and a quick ratio of 0.12. The business has a fifty day moving average price of $64.23 and a 200-day moving average price of $61.24. The company has a market capitalization of $12.55 billion, a PE ratio of 17.39, a PEG ratio of 7.26 and a beta of 0.89.

W. P. Carey (NYSE:WPCGet Free Report) last announced its earnings results on Friday, February 9th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.14. The business had revenue of $410.38 million for the quarter, compared to analysts’ expectations of $413.04 million. W. P. Carey had a return on equity of 8.43% and a net margin of 44.67%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the firm posted $1.29 earnings per share. As a group, equities analysts expect that W. P. Carey will post 4.57 EPS for the current fiscal year.

W. P. Carey Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were issued a $0.86 dividend. The ex-dividend date was Thursday, December 28th. This represents a $3.44 dividend on an annualized basis and a yield of 6.00%. W. P. Carey’s dividend payout ratio is presently 104.24%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on WPC. JMP Securities downgraded W. P. Carey from an outperform rating to a market perform rating in a research note on Monday, November 13th. Royal Bank of Canada boosted their target price on W. P. Carey from $66.00 to $68.00 and gave the company an outperform rating in a research report on Thursday, January 11th. Raymond James downgraded W. P. Carey from an outperform rating to a market perform rating in a research report on Monday. Finally, StockNews.com assumed coverage on W. P. Carey in a research report on Thursday, January 4th. They set a hold rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $66.60.

View Our Latest Stock Analysis on WPC

Institutional Investors Weigh In On W. P. Carey

Several hedge funds have recently made changes to their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its stake in shares of W. P. Carey by 20.6% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 786 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 134 shares in the last quarter. Arbor Capital Management Inc. ADV raised its stake 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 worth $706,000 after acquiring an additional 143 shares in the last quarter. Lido Advisors LLC raised its stake in shares of W. P. Carey by 3.2% during the 1st quarter. Lido Advisors LLC now owns 5,292 shares of the real estate investment trust’s stock worth $410,000 after acquiring an additional 166 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of W. P. Carey by 4.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,616 shares of the real estate investment trust’s stock worth $361,000 after acquiring an additional 203 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its stake in shares of W. P. Carey by 6.1% during the 4th quarter. CreativeOne Wealth LLC now owns 3,563 shares of the real estate investment trust’s stock worth $278,000 after acquiring an additional 204 shares in the last quarter. 62.62% of the stock is currently owned by hedge funds and other institutional investors.

W. P. Carey Company Profile

(Get Free Report)

Celebrating its 50th anniversary, 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 1,413 net lease properties covering approximately 171 million square feet and a portfolio of 86 self-storage operating properties, pro forma for the Spin-Off of NLOP, as of September 30, 2023.

Further Reading

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