Zacks Investment Research cut shares of WP Carey (NYSE:WPC) from a hold rating to a sell rating in a report released on Friday.
According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “
A number of other equities research analysts have also issued reports on the company. ValuEngine upgraded WP Carey from a sell rating to a hold rating in a research report on Thursday, October 11th. Bank of America upped their price target on WP Carey from $59.00 to $66.25 and gave the company an underperform rating in a research report on Monday, August 13th. Three investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. WP Carey presently has a consensus rating of Hold and an average target price of $70.08.
NYSE:WPC traded down $0.37 during trading hours on Friday, hitting $69.63. 2,194,112 shares of the stock were exchanged, compared to its average volume of 1,995,996. WP Carey has a 52-week low of $59.23 and a 52-week high of $71.29. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.21. The firm has a market cap of $11.27 billion, a P/E ratio of 13.14 and a beta of 0.58.
WP Carey (NYSE:WPC) last posted its quarterly earnings data on Friday, November 2nd. The real estate investment trust reported $1.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The company had revenue of $209.40 million during the quarter, compared to analyst estimates of $215.47 million. WP Carey had a return on equity of 8.78% and a net margin of 39.03%. WP Carey’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 EPS. On average, research analysts forecast that WP Carey will post 5.25 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be issued a $1.03 dividend. The ex-dividend date is Friday, December 28th. This is a boost from WP Carey’s previous quarterly dividend of $1.03. This represents a $4.12 dividend on an annualized basis and a yield of 5.92%. WP Carey’s dividend payout ratio is currently 77.36%.
In other WP Carey news, Director Christopher Niehaus acquired 3,850 shares of the firm’s stock in a transaction that occurred on Tuesday, November 13th. The shares were purchased at an average cost of $66.08 per share, for a total transaction of $254,408.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jean Hoysradt acquired 2,300 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The stock was acquired at an average price of $64.73 per share, for a total transaction of $148,879.00. Following the completion of the acquisition, the director now directly owns 9,255 shares of the company’s stock, valued at approximately $599,076.15. The disclosure for this purchase can be found here. Corporate insiders own 1.56% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in WPC. Strategic Wealth Partners Ltd. lifted its stake in WP Carey by 53.3% during the third quarter. Strategic Wealth Partners Ltd. now owns 512 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 178 shares in the last quarter. First Allied Advisory Services Inc. lifted its stake in WP Carey by 13.6% during the second quarter. First Allied Advisory Services Inc. now owns 6,617 shares of the real estate investment trust’s stock worth $441,000 after purchasing an additional 794 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in WP Carey by 0.6% during the third quarter. State Board of Administration of Florida Retirement System now owns 144,963 shares of the real estate investment trust’s stock worth $9,323,000 after purchasing an additional 802 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in WP Carey by 8.0% during the second quarter. Advisors Asset Management Inc. now owns 12,314 shares of the real estate investment trust’s stock worth $817,000 after purchasing an additional 915 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in WP Carey by 3.6% during the second quarter. CIBC Private Wealth Group LLC now owns 28,362 shares of the real estate investment trust’s stock worth $1,882,000 after purchasing an additional 989 shares in the last quarter. Hedge funds and other institutional investors own 32.38% of the company’s stock.
About WP Carey
Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of approximately $17 billion and a portfolio of operationally-critical commercial real estate that includes 1,186 net lease properties covering approximately 133 million square feet.
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