W.P. Carey Inc. (NYSE:WPC)‘s stock had its “buy” rating restated by investment analysts at BMO Capital Markets in a research note issued on Friday. They presently have a $81.00 price target on the stock. BMO Capital Markets’ price objective indicates a potential upside of 20.27% from the company’s previous close.
A number of other analysts have also recently commented on the stock. Zacks Investment Research raised shares of W.P. Carey from a “hold” rating to a “strong-buy” rating and set a $82.00 price target on the stock in a research report on Thursday, July 28th. Citigroup Inc. upped their price target on shares of W.P. Carey from $54.00 to $59.00 and gave the company a “sell” rating in a research report on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $71.63.
Shares of W.P. Carey (NYSE:WPC) opened at 67.35 on Friday. The company has a 50 day moving average price of $66.72 and a 200-day moving average price of $65.62. W.P. Carey has a 52-week low of $51.12 and a 52-week high of $72.89. The firm has a market cap of $7.12 billion, a P/E ratio of 39.62 and a beta of 0.92.
W.P. Carey (NYSE:WPC) last issued its quarterly earnings data on Thursday, August 4th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.65. W.P. Carey had a net margin of 19.50% and a return on equity of 5.13%. The company had revenue of $198.80 million for the quarter, compared to analysts’ expectations of $184.64 million. During the same quarter in the previous year, the firm posted $1.31 earnings per share. W.P. Carey’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, analysts expect that W.P. Carey will post $2.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Monday, October 3rd will be given a dividend of $0.985 per share. The ex-dividend date is Thursday, September 29th. This represents a $3.94 dividend on an annualized basis and a yield of 5.85%. This is a boost from W.P. Carey’s previous quarterly dividend of $0.98. W.P. Carey’s dividend payout ratio is 230.59%.
A number of hedge funds have recently modified their holdings of WPC. Vanguard Group Inc. boosted its position in W.P. Carey by 6.0% in the second quarter. Vanguard Group Inc. now owns 15,057,575 shares of the company’s stock worth $1,045,297,000 after buying an additional 855,152 shares during the period. American Century Companies Inc. boosted its position in W.P. Carey by 430.0% in the second quarter. American Century Companies Inc. now owns 425,470 shares of the company’s stock worth $29,536,000 after buying an additional 345,189 shares during the period. Renaissance Technologies LLC bought a new position in W.P. Carey during the first quarter worth about $16,151,000. Virginia Retirement Systems ET AL bought a new position in W.P. Carey during the second quarter worth about $7,928,000. Finally, Royal Bank of Canada boosted its position in W.P. Carey by 18.1% in the second quarter. Royal Bank of Canada now owns 681,804 shares of the company’s stock worth $47,330,000 after buying an additional 104,672 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.
About W.P. Carey
W. P. Carey provides long-term, sale-leaseback and build-to-suit transactions for companies worldwide, and manages a global investment portfolio. It has two primary business segments. Under the investment management segment, the Company earns revenue as the advisor to publicly owned, non-actively traded real estate investment trusts (REITs), which are sponsored by the Company under the Corporate Property Associates brand name (the CPA REITs) and invests in similar properties.
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