WP Carey Inc. (NYSE:WPC) Stock position increased by Whittier Trust Co.
Whittier Trust Co. raised its position in WP Carey Inc. (NYSE: WPC – Get Rating) by 50.0% in the first quarter, according to its latest 13F filing with the SEC. The institutional investor held 1,650 shares of the REIT after purchasing an additional 550 shares during the period. Whittier Trust Co.’s holdings in WP Carey were worth $133,000 at the end of the last reporting period.
A number of other hedge funds and other institutional investors have also recently changed their holdings in WPC. BlackRock Inc. increased its stake in WP Carey shares by 5.4% in Q4. BlackRock Inc. now owns 14,112,099 shares of the real estate investment trust worth $1,157,897,000 after purchasing an additional 722,076 shares in the last quarter. State Street Corp increased its stake in WP Carey shares by 8.0% in Q4. State Street Corp now owns 8,171,792 shares of the real estate investment trust worth $678,980,000 after buying an additional 605,568 shares last quarter. Renaissance Technologies LLC increased its stake in WP Carey shares by 8,087.2% in Q4. Renaissance Technologies LLC now owns 319,300 shares of the real estate investment trust worth $26,199,000 after purchasing an additional 315,400 shares last quarter. The Canada Pension Plan Investment Board increased its stake in WP Carey shares by 23.2% in the fourth quarter. The Canada Pension Plan Investment Board now owns 751,640 shares of the real estate investment trust worth $61,672,000 after buying an additional 141,555 shares last quarter. Finally, Geode Capital Management LLC increased its stake in WP Carey shares by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 3,043,613 shares of the real estate investment trust worth $249,430,000 after purchasing an additional 123,647 shares last quarter. Institutional investors hold 58.86% of the company’s shares.
WP Carey stock up 0.6%
NYSE: WPC opened at $83.36 on Friday. The company has a market capitalization of $16.08 billion, a price/earnings ratio of 30.20, a PEG ratio of 8.96 and a beta of 0.66. WP Carey Inc. has a 1-year low of $73.02 and a 1-year high of $87.43. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt ratio of 0.82. The company’s 50-day moving average price is $83.00 and its 200-day moving average price is $80.61.
WP Carey (NYSE:WPC – Get Rating) last released its quarterly results on Friday, April 29. The real estate investment trust reported earnings per share of $0.82 for the quarter, beating the consensus estimate of $0.43 by $0.39. WP Carey had a return on equity of 6.88% and a net margin of 37.65%. The company posted revenue of $344.10 million for the quarter, versus analyst estimates of $340.96 million. In the same period a year earlier, the company earned earnings per share of $1.22. WP Carey’s quarterly revenue increased 12.4% year over year. On average, sell-side analysts expect WP Carey Inc. to post earnings per share of 5.08 for the current fiscal year.
WP Carey increases its dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 15. Shareholders of record on Thursday, June 30 received a dividend of $1,059. This is a positive change from WP Carey’s previous quarterly dividend of $1.06. This represents an annualized dividend of $4.24 and a yield of 5.08%. The ex-dividend date was Wednesday, June 29. WP Carey’s dividend payout ratio is currently 153.62%.
Analyst upgrades and downgrades
WPC has been the subject of a number of recent research reports. Wolfe Research launched coverage on WP Carey in a Monday, June 27 report. They issued a “market performance” rating and a target price of $88.00 on the stock. StockNews.com upgraded WP Carey from a “buy” to a “hold” rating in a Wednesday, June 1 report. JMP Securities launched coverage on WP Carey in a Tuesday, May 10 report. They issued an “outperform” rating and a target price of $87.00 on the stock. Evercore ISI set a target price of $89.00 on WP Carey in a Monday, June 20 report. Finally, Raymond James raised his price target on WP Carey from $90.00 to $95.00 and gave the stock an “outperform” rating in a Friday, July 8 report. Three equity research analysts gave the stock a hold rating and four gave the stock a buy rating. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.33.
Profile of WP Carey
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WP Carey ranks among the largest net-lease REITs with an enterprise value of approximately $18 billion and a diverse portfolio of operationally critical commercial real estate that includes 1,215 net-lease properties spanning approximately $142 million of 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 making subject to long-term net leases with integrated rent indexations.
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