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

W. P. Carey (NYSE:WPC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.65 to $4.75 for the period, compared to the consensus earnings per share estimate of $4.67. W. P. Carey also updated its FY 2024 guidance to 4.650-4.750 EPS.

W. P. Carey Stock Down 1.5 %

Shares of WPC traded down $0.85 during trading hours on Tuesday, hitting $54.85. The stock had a trading volume of 1,195,701 shares, compared to its average volume of 1,349,982. The firm has a 50 day simple moving average of $55.96 and a 200-day simple moving average of $58.88. W. P. Carey has a 1-year low of $51.36 and a 1-year high of $74.66. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $12.00 billion, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 0.44 and a beta of 0.86.

W. P. Carey (NYSE:WPC) last released its quarterly earnings data 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. W. P. Carey had a return on equity of 7.78% and a net margin of 40.68%. The firm had revenue of $410.38 million during the quarter, compared to the consensus estimate of $413.04 million. During the same quarter in the previous year, the company posted $1.29 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Sell-side analysts predict that W. P. Carey will post 4.56 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.865 per share. This is a boost from W. P. Carey’s previous quarterly dividend of $0.86. This represents a $3.46 dividend on an annualized basis and a dividend yield of 6.31%. The ex-dividend date was Wednesday, March 27th. W. P. Carey’s dividend payout ratio (DPR) is currently 104.85%.

Analyst Upgrades and Downgrades

WPC has been the subject of a number of recent research reports. StockNews.com initiated coverage on W. P. Carey in a report on Thursday, January 4th. They set a hold rating for the company. Scotiabank dropped their price objective on W. P. Carey from $62.00 to $60.00 and set a sector perform rating on the stock in a research note on Monday, March 4th. Barclays began coverage on shares of W. P. Carey in a research note on Wednesday, March 27th. They issued an equal weight rating and a $40.00 target price for the company. Royal Bank of Canada reduced 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 research report on Monday, February 12th. Finally, Raymond James lowered W. P. Carey from an outperform rating to a market perform rating in a report on Monday, February 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $63.36.

W. P. Carey Company Profile

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.