W.P. Carey (NYSE:WPC) Shares Cross Above 50-Day Moving Average – Here’s What Happened

W.P. Carey Inc. (NYSE:WPC – Get Free Report) crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $65.84 and traded as high as $66.22. W.P. Carey shares last traded at $65.9560, with a volume of 1,528,279 shares traded.

Wall Street Analyst Weigh In

Several analysts have commented on WPC shares. Citigroup lowered their target price on shares of W.P. Carey from $75.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, October 29th. Jefferies Financial Group initiated coverage on W.P. Carey in a research note on Tuesday, September 22nd. They set a “buy” rating and a $73.00 price target on the stock. BMO Capital Markets restated an “outperform” rating on shares of W.P. Carey in a report on Wednesday, October 28th. BNP Paribas Exane upgraded W.P. Carey from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $73.00 to $88.00 in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada lifted their price objective on W.P. Carey from $73.00 to $77.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Eight equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $76.79.

View Our Latest Stock Report on W.P. Carey

W.P. Carey Trading Down 0.8%

The business’s fifty day moving average is $65.65 and its 200-day moving average is $70.66. The stock has a market capitalization of $14.92 billion, a PE ratio of 22.36, a P/E/G ratio of 2.82 and a beta of 0.75. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.99.

W.P. Carey (NYSE:WPC – Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.09). The company had revenue of $468.30 million for the quarter, compared to analysts’ expectations of $457.57 million. W.P. Carey had a return on equity of 7.67% and a net margin of 35.60%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 EPS. As a group, analysts anticipate that W.P. Carey Inc. will post 5.07 EPS for the current fiscal year.

W.P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a $0.95 dividend. This is an increase from W.P. Carey’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $3.80 annualized dividend and a dividend yield of 5.9%. W.P. Carey’s dividend payout ratio is 131.03%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in W.P. Carey during the second quarter worth about $2,371,801,000. Dimensional Fund Advisors LP lifted its stake in shares of W.P. Carey by 4.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,348,132 shares of the real estate investment trust’s stock valued at $227,539,000 after purchasing an additional 155,857 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of W.P. Carey in the 2nd quarter valued at about $189,315,000. Bank of New York Mellon Corp grew its holdings in shares of W.P. Carey by 1.6% during the 1st quarter. Bank of New York Mellon Corp now owns 2,353,944 shares of the real estate investment trust’s stock worth $159,974,000 after purchasing an additional 37,649 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of W.P. Carey by 3.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,270,499 shares of the real estate investment trust’s stock worth $162,341,000 after purchasing an additional 65,284 shares during the period. Institutional investors and hedge funds own 73.73% of the company’s stock.

W.P. Carey Company Profile

(Get Free Report)

W.P. Carey Inc. is a real estate investment trust that owns and manages commercial properties leased to businesses under long-term net leases. Under these arrangements, tenants typically pay property expenses such as taxes, insurance and maintenance in addition to rent. The company’s portfolio focuses primarily on industrial and warehouse properties, along with retail and self-storage facilities. Its properties serve tenants in the United States and Europe. In 2023, W.P. Carey separated its office properties into a new, publicly traded company as part of a shift toward its other property types.

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