W. P. Carey Inc. (NYSE:WPC) Shares Sold by Thrive Wealth Management LLC

Thrive Wealth Management LLC trimmed its holdings in W. P. Carey Inc. (NYSE:WPC) by 15.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,893 shares of the real estate investment trust’s stock after selling 718 shares during the period. Thrive Wealth Management LLC’s holdings in W. P. Carey were worth $263,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC raised its holdings in shares of W. P. Carey by 104,493.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,615,688 shares of the real estate investment trust’s stock worth $360,716,000 after purchasing an additional 4,611,275 shares during the period. Norges Bank purchased a new position in W. P. Carey in the fourth quarter valued at approximately $174,406,000. JPMorgan Chase & Co. lifted its position in W. P. Carey by 46.1% during the first quarter. JPMorgan Chase & Co. now owns 6,558,610 shares of the real estate investment trust’s stock valued at $507,966,000 after buying an additional 2,068,458 shares in the last quarter. State Street Corp lifted its position in W. P. Carey by 17.1% during the first quarter. State Street Corp now owns 9,572,789 shares of the real estate investment trust’s stock valued at $783,467,000 after buying an additional 1,400,997 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of W. P. Carey by 248.4% in the first quarter. Envestnet Asset Management Inc. now owns 1,782,450 shares of the real estate investment trust’s stock worth $41,107,000 after acquiring an additional 1,270,889 shares in the last quarter. Hedge funds and other institutional investors own 62.62% of the company’s stock.

W. P. Carey Stock Performance

Shares of WPC opened at $63.12 on Tuesday. W. P. Carey Inc. has a 52-week low of $62.68 and a 52-week high of $85.94. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.87. The firm has a market cap of $13.50 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 7.11 and a beta of 0.76. The business’s 50 day moving average is $66.54 and its two-hundred day moving average is $70.41.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings results on Friday, July 28th. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.62). The company had revenue of $452.60 million during the quarter, compared to analyst estimates of $430.48 million. W. P. Carey had a net margin of 45.21% and a return on equity of 8.28%. The company’s revenue was up 31.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.31 earnings per share. Analysts forecast that W. P. Carey Inc. will post 5.21 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $1.071 dividend. This is a positive change from W. P. Carey’s previous quarterly dividend of $1.07. This represents a $4.28 annualized dividend and a yield of 6.79%. The ex-dividend date of this dividend is Thursday, September 28th. W. P. Carey’s payout ratio is currently 119.89%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WPC. StockNews.com began coverage on shares of W. P. Carey in a report on Thursday, August 17th. They set a “hold” rating on the stock. Royal Bank of Canada decreased their target price on W. P. Carey from $81.00 to $79.00 and set an “outperform” rating for the company in a research report on Monday, July 31st. Citigroup dropped their target price on W. P. Carey from $75.00 to $69.00 and set a “neutral” rating on the stock in a report on Wednesday, August 30th. JMP Securities dropped their price objective on shares of W. P. Carey from $86.00 to $80.00 in a research note on Friday, June 23rd. Finally, BNP Paribas assumed coverage on shares of W. P. Carey in a research note on Wednesday, June 14th. They issued an “underperform” rating and a $74.00 target price for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $77.29.

W. P. Carey Company Profile

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $23 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,475 net lease properties covering approximately 180 million square feet and a portfolio of 85 self-storage operating properties, as of June 30, 2023.