TT Capital Management LLC lowered its position in W.P. Carey Inc. (NYSE:WPC – Free Report) by 69.7% in the 3rd quarter, Holdings Channel reports. The fund owned 7,919 shares of the real estate investment trust’s stock after selling 18,189 shares during the quarter. TT Capital Management LLC’s holdings in W.P. Carey were worth $512,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Triumph Capital Management boosted its position in shares of W.P. Carey by 28.0% during the third quarter. Triumph Capital Management now owns 1,760 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 385 shares in the last quarter. First Citizens Bank & Trust Co. bought a new position in W.P. Carey in the third quarter worth $665,000. NorthCrest Asset Manangement LLC bought a new position in W.P. Carey in the third quarter worth $543,000. Avior Wealth Management LLC lifted its position in W.P. Carey by 0.9% during the third quarter. Avior Wealth Management LLC now owns 110,425 shares of the real estate investment trust’s stock valued at $7,137,000 after buying an additional 1,034 shares during the period. Finally, Dupree Financial Group LLC lifted its position in W.P. Carey by 3.6% during the third quarter. Dupree Financial Group LLC now owns 65,447 shares of the real estate investment trust’s stock valued at $4,230,000 after buying an additional 2,271 shares during the period. Hedge funds and other institutional investors own 73.73% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently weighed in on WPC. UBS Group reaffirmed a “neutral” rating on shares of W.P. Carey in a research report on Wednesday, July 29th. Royal Bank Of Canada boosted their price target on 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. Evercore set a $75.00 price target on W.P. Carey in a research note on Monday, September 21st. BMO Capital Markets reduced their price objective on W.P. Carey from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, June 18th. Finally, Citigroup reiterated a “market perform” rating on shares of W.P. Carey in a research note on Friday, September 25th. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, W.P. Carey currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.14.
W.P. Carey Stock Performance
Shares of NYSE WPC traded up $1.36 during trading on Thursday, reaching $64.92. 672,807 shares of the company traded hands, compared to its average volume of 1,408,728. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. The firm has a 50 day simple moving average of $68.28 and a 200-day simple moving average of $71.38. W.P. Carey Inc. has a 52-week low of $62.24 and a 52-week high of $77.22. The stock has a market capitalization of $14.79 billion, a PE ratio of 22.16, a P/E/G ratio of 3.22 and a beta of 0.75.
W.P. Carey Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.95 per share. This is a boost from W.P. Carey’s previous quarterly dividend of $0.94. The ex-dividend date is Wednesday, September 30th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.9%. W.P. Carey’s dividend payout ratio is presently 129.69%.
W.P. Carey Profile
W.P. Carey Inc (NYSE: WPC) is a real estate investment trust that owns and manages a diversified portfolio of commercial properties. The company primarily invests in single-tenant, operationally critical properties that are leased to companies under long-term, net lease agreements. These arrangements generally require tenants to pay property taxes, insurance and maintenance costs, subject to the terms of each lease.
Its portfolio has historically included industrial, warehouse, retail, office and self-storage properties, with a focus on assets leased to established businesses across a range of industries.
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