The Manufacturers Life Insurance Company cut its stake in W.P. Carey Inc. (NYSE:WPC – Free Report) by 23.1% in the first quarter, Holdings Channel reports. The fund owned 125,680 shares of the real estate investment trust’s stock after selling 37,656 shares during the period. The Manufacturers Life Insurance Company’s holdings in W.P. Carey were worth $8,541,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Invesco Ltd. grew its holdings in shares of W.P. Carey by 416.8% in the third quarter. Invesco Ltd. now owns 3,892,462 shares of the real estate investment trust’s stock valued at $263,014,000 after purchasing an additional 3,139,266 shares during the period. Norges Bank purchased a new stake in shares of W.P. Carey in the 4th quarter valued at approximately $184,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of W.P. Carey by 31,629.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,163,285 shares of the real estate investment trust’s stock worth $139,229,000 after buying an additional 2,156,467 shares during the last quarter. Wellington Management Group LLP raised its position in shares of W.P. Carey by 1,183.6% during the 3rd quarter. Wellington Management Group LLP now owns 1,130,402 shares of the real estate investment trust’s stock valued at $76,381,000 after buying an additional 1,042,334 shares during the period. Finally, Captrust Financial Advisors grew its position in W.P. Carey by 2,712.0% in the second quarter. Captrust Financial Advisors now owns 771,534 shares of the real estate investment trust’s stock worth $48,128,000 after acquiring an additional 744,097 shares during the period. Hedge funds and other institutional investors own 73.73% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the company. Scotiabank decreased their price target on W.P. Carey from $79.00 to $76.00 and set a “sector perform” rating on the stock in a research note on Thursday, June 18th. Barclays upped their target price on shares of W.P. Carey from $78.00 to $80.00 and gave the company an “underweight” rating in a research report on Wednesday, July 22nd. UBS Group reissued a “neutral” rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Royal Bank Of Canada increased 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 research report on Thursday, July 30th. Finally, Citigroup reissued a “market perform” rating on shares of W.P. Carey in a research report on Thursday, June 18th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, W.P. Carey presently has an average rating of “Hold” and an average price target of $79.31.
W.P. Carey Stock Down 0.9%
Shares of W.P. Carey stock opened at $72.28 on Wednesday. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. W.P. Carey Inc. has a 52-week low of $63.08 and a 52-week high of $77.22. The company has a market capitalization of $16.47 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.82 and a beta of 0.75. The company has a 50 day moving average of $73.53 and a 200 day moving average of $72.35.
W.P. Carey Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.94 dividend. This is a boost from W.P. Carey’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Tuesday, June 30th. W.P. Carey’s payout ratio is 128.33%.
W.P. Carey Profile
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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