Perigon Wealth Management LLC Makes New Investment in W.P. Carey Inc. $WPC

Perigon Wealth Management LLC purchased a new position in W.P. Carey Inc. (NYSE:WPC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,710 shares of the real estate investment trust’s stock, valued at approximately $766,000.

Several other hedge funds and other institutional investors have also modified their holdings of WPC. Commerzbank Aktiengesellschaft FI bought a new position in W.P. Carey in the second quarter worth about $302,000. Trust Co. of Vermont acquired a new position in W.P. Carey in the second quarter valued at approximately $192,000. Focused Wealth Management Inc bought a new position in shares of W.P. Carey during the second quarter valued at approximately $243,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of W.P. Carey during the second quarter valued at approximately $31,498,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in shares of W.P. Carey during the 2nd quarter worth approximately $376,000. 73.73% of the stock is owned by institutional investors and hedge funds.

W.P. Carey Stock Performance

WPC opened at $71.09 on Wednesday. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $72.97 and its 200-day moving average is $72.50. The stock has a market cap of $16.20 billion, a PE ratio of 24.26, a price-to-earnings-growth ratio of 3.57 and a beta of 0.75. W.P. Carey Inc. has a twelve month low of $63.08 and a twelve month high of $77.22.

W.P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.94 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $3.76 annualized dividend and a yield of 5.3%. This is an increase from W.P. Carey’s previous quarterly dividend of $0.93. W.P. Carey’s payout ratio is 128.33%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. BNP Paribas Exane raised W.P. Carey from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $73.00 to $88.00 in a report on Wednesday, July 29th. Weiss Ratings restated a “buy (b-)” rating on shares of W.P. Carey in a research note on Friday, July 31st. Citigroup reaffirmed a “market perform” rating on shares of W.P. Carey in a research report on Thursday, June 18th. Scotiabank raised their target price on W.P. Carey from $76.00 to $77.00 and gave the company a “sector perform” rating in a research note on Thursday, August 13th. Finally, Wells Fargo & Company boosted their price target on shares of W.P. Carey from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Monday, June 1st. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $79.38.

W.P. Carey Company Profile

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.