Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in W.P. Carey Inc. (NYSE:WPC – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 440,538 shares of the real estate investment trust’s stock, valued at approximately $31,498,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of W.P. Carey at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Laurel Wealth Advisors LLC acquired a new position in W.P. Carey during the 4th quarter worth approximately $25,000. Commonwealth Retirement Investments LLC acquired a new stake in W.P. Carey in the fourth quarter valued at approximately $26,000. Osbon Capital Management LLC acquired a new stake in W.P. Carey in the fourth quarter valued at approximately $29,000. Headlands Technologies LLC purchased a new stake in shares of W.P. Carey during the second quarter valued at approximately $30,000. Finally, Wealth Watch Advisors INC acquired a new position in shares of W.P. Carey during the third quarter worth $33,000. Institutional investors and hedge funds own 73.73% of the company’s stock.
Wall Street Analysts Forecast Growth
WPC has been the subject of a number of recent analyst reports. Scotiabank raised their price target on shares of W.P. Carey from $76.00 to $77.00 and gave the company a “sector perform” rating in a report on Thursday, August 13th. Royal Bank Of Canada boosted their price objective on shares of W.P. Carey from $73.00 to $77.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of W.P. Carey in a research report on Friday, July 31st. UBS Group restated a “neutral” rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Finally, BNP Paribas Exane raised W.P. Carey from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $73.00 to $88.00 in a research report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $79.38.
W.P. Carey Stock Up 0.2%
NYSE:WPC opened at $72.12 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.22 and a current ratio of 0.22. The company has a market capitalization of $16.43 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 3.59 and a beta of 0.75. W.P. Carey Inc. has a one year low of $63.08 and a one year high of $77.22. The stock has a 50-day simple moving average of $72.82 and a 200 day simple moving average of $72.53.
W.P. Carey Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 5.2%. This is a boost from W.P. Carey’s previous quarterly dividend of $0.93. The ex-dividend date was Tuesday, June 30th. W.P. Carey’s dividend payout ratio (DPR) is 128.33%.
About W.P. Carey
W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.
Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.
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