JPMorgan Chase & Co. Cuts W.P. Carey (NYSE:WPC) Price Target to $74.00

W.P. Carey (NYSE:WPC) had its price target dropped by JPMorgan Chase & Co. from $79.00 to $74.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 13.32% from the stock’s current price.

A number of other brokerages have also recently commented on WPC. Weiss Ratings reiterated a “hold (c)” rating on shares of W.P. Carey in a report on Wednesday, October 8th. Evercore ISI increased their price objective on W.P. Carey from $70.00 to $72.00 and gave the company an “in-line” rating in a research note on Thursday, October 30th. UBS Group lifted their price objective on W.P. Carey from $63.00 to $66.00 and gave the stock a “neutral” rating in a research report on Friday, August 15th. Scotiabank upped their target price on shares of W.P. Carey from $64.00 to $67.00 and gave the company a “sector perform” rating in a report on Friday, September 5th. Finally, Barclays raised their price target on shares of W.P. Carey from $66.00 to $67.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 3rd. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $68.60.

W.P. Carey Price Performance

Shares of W.P. Carey stock traded up $0.15 on Tuesday, hitting $65.30. The company’s stock had a trading volume of 536,135 shares, compared to its average volume of 1,220,960. The company has a market capitalization of $14.31 billion, a P/E ratio of 39.61, a price-to-earnings-growth ratio of 6.24 and a beta of 0.78. W.P. Carey has a 52-week low of $52.91 and a 52-week high of $69.79. The firm has a fifty day moving average price of $67.16 and a 200-day moving average price of $65.55. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 1.02.

W.P. Carey (NYSE:WPC) last posted its earnings results on Tuesday, October 28th. The real estate investment trust reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.02. W.P. Carey had a net margin of 21.75% and a return on equity of 4.40%. The firm had revenue of $431.30 million during the quarter, compared to the consensus estimate of $424.44 million. During the same period last year, the firm posted $1.18 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. W.P. Carey has set its FY 2025 guidance at 4.930-4.990 EPS. On average, equities research analysts expect that W.P. Carey will post 4.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On W.P. Carey

Institutional investors have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC purchased a new stake in shares of W.P. Carey during the 1st quarter worth about $214,000. Deutsche Bank AG grew its stake in W.P. Carey by 2.0% during the first quarter. Deutsche Bank AG now owns 291,308 shares of the real estate investment trust’s stock worth $18,384,000 after buying an additional 5,701 shares during the period. Townsquare Capital LLC increased its position in shares of W.P. Carey by 24.1% in the first quarter. Townsquare Capital LLC now owns 16,653 shares of the real estate investment trust’s stock worth $1,051,000 after acquiring an additional 3,231 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of W.P. Carey by 274.7% in the first quarter. JPMorgan Chase & Co. now owns 5,112,190 shares of the real estate investment trust’s stock worth $322,630,000 after acquiring an additional 3,747,898 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of W.P. Carey in the 1st quarter valued at $30,194,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

W.P. Carey Company Profile

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.