Hanson & Doremus Investment Management Purchases New Position in W. P. Carey Inc. (NYSE:WPC)

Hanson & Doremus Investment Management purchased a new stake in W. P. Carey Inc. (NYSE:WPC) in the first quarter, Holdings Channel reports. The firm purchased 1,350 shares of the real estate investment trust’s stock, valued at approximately $85,000.

A number of other large investors have also recently modified their holdings of the company. Dynamic Advisor Solutions LLC bought a new position in W. P. Carey in the first quarter worth approximately $889,000. Family Wealth Partners LLC bought a new position in W. P. Carey in the first quarter worth approximately $203,000. IAG Wealth Partners LLC raised its stake in W. P. Carey by 7.0% in the first quarter. IAG Wealth Partners LLC now owns 2,495 shares of the real estate investment trust’s stock worth $157,000 after buying an additional 163 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in W. P. Carey by 3.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 207,509 shares of the real estate investment trust’s stock worth $13,096,000 after buying an additional 6,000 shares in the last quarter. Finally, Griffin Asset Management Inc. raised its stake in W. P. Carey by 7.7% in the first quarter. Griffin Asset Management Inc. now owns 32,058 shares of the real estate investment trust’s stock worth $2,023,000 after buying an additional 2,289 shares in the last quarter. Hedge funds and other institutional investors own 73.73% of the company’s stock.

W. P. Carey Price Performance

NYSE WPC opened at $62.78 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s fifty day moving average price is $61.42 and its 200 day moving average price is $59.30. W. P. Carey Inc. has a 1 year low of $52.91 and a 1 year high of $66.10. The company has a market cap of $13.75 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.06 and a beta of 0.80.

W. P. Carey (NYSE:WPC) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.03). W. P. Carey had a net margin of 29.11% and a return on equity of 5.37%. The firm had revenue of $407.44 million during the quarter, compared to analyst estimates of $412.99 million. During the same period in the previous year, the company earned $1.14 earnings per share. W. P. Carey’s revenue was up 5.3% on a year-over-year basis. As a group, equities research analysts forecast that W. P. Carey Inc. will post 4.87 earnings per share for the current year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 5.73%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.89. The ex-dividend date is Monday, June 30th. W. P. Carey’s dividend payout ratio is presently 185.57%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Scotiabank boosted their price objective on shares of W. P. Carey from $59.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Wednesday, March 12th. BMO Capital Markets raised W. P. Carey from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $60.00 to $67.00 in a research report on Tuesday, February 18th. Wells Fargo & Company upped their price target on W. P. Carey from $58.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Monday, March 10th. Royal Bank of Canada upped their price target on W. P. Carey from $410.00 to $420.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Finally, Evercore ISI upped their price target on W. P. Carey from $60.00 to $64.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $100.40.

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.