W. P. Carey Inc. (NYSE:WPC) is PGGM Investments’ 9th Largest Position

PGGM Investments trimmed its holdings in shares of W. P. Carey Inc. (NYSE:WPC) by 0.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,108,108 shares of the real estate investment trust’s stock after selling 855 shares during the period. W. P. Carey accounts for about 2.1% of PGGM Investments’ holdings, making the stock its 9th biggest holding. PGGM Investments owned approximately 0.96% of W. P. Carey worth $136,626,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in WPC. Daiwa Securities Group Inc. grew its position in W. P. Carey by 44.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,640,966 shares of the real estate investment trust’s stock worth $235,971,000 after purchasing an additional 1,124,010 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in W. P. Carey in the 3rd quarter worth about $613,000. Arizona State Retirement System grew its position in W. P. Carey by 0.8% in the 4th quarter. Arizona State Retirement System now owns 58,795 shares of the real estate investment trust’s stock worth $3,811,000 after purchasing an additional 439 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in W. P. Carey by 5.1% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 219,159 shares of the real estate investment trust’s stock worth $11,852,000 after purchasing an additional 10,562 shares during the last quarter. Finally, State of Michigan Retirement System bought a new position in W. P. Carey in the 4th quarter worth about $3,403,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

W. P. Carey Price Performance

NYSE:WPC traded down $0.95 during trading hours on Friday, reaching $55.03. 1,167,421 shares of the company’s stock were exchanged, compared to its average volume of 981,356. The company has a market capitalization of $12.04 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 0.44 and a beta of 0.86. W. P. Carey Inc. has a 12 month low of $51.36 and a 12 month high of $74.66. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.89. The business’s 50-day simple moving average is $55.99 and its two-hundred day simple moving average is $58.80.

W. P. Carey (NYSE:WPC) last issued its quarterly earnings results on Friday, February 9th. The real estate investment trust reported $0.66 EPS for the quarter, beating the consensus estimate of $0.52 by $0.14. The business had revenue of $410.38 million during the quarter, compared to the consensus estimate of $413.04 million. W. P. Carey had a net margin of 40.68% and a return on equity of 7.78%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 EPS. Sell-side analysts expect that W. P. Carey Inc. will post 4.56 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.865 dividend. This represents a $3.46 annualized dividend and a dividend yield of 6.29%. The ex-dividend date was Wednesday, March 27th. This is an increase from W. P. Carey’s previous quarterly dividend of $0.86. W. P. Carey’s dividend payout ratio is 104.85%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays assumed coverage on shares of W. P. Carey in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $40.00 target price for the company. Raymond James cut shares of W. P. Carey from an “outperform” rating to a “market perform” rating in a report on Monday, February 12th. Royal Bank of Canada decreased their price objective on shares of W. P. Carey from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Monday, February 12th. Wells Fargo & Company decreased their price objective on shares of W. P. Carey from $66.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, February 20th. Finally, Scotiabank decreased their price objective on shares of W. P. Carey from $62.00 to $60.00 and set a “sector perform” rating for the company in a report on Monday, March 4th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, W. P. Carey presently has a consensus rating of “Hold” and a consensus price target of $63.36.

About W. P. Carey

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 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.