Van ECK Associates Corp Reduces Stake in W.P. Carey Inc. $WPC

Van ECK Associates Corp cut its stake in W.P. Carey Inc. (NYSE:WPC) by 6.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 138,020 shares of the real estate investment trust’s stock after selling 10,093 shares during the quarter. Van ECK Associates Corp owned about 0.06% of W.P. Carey worth $9,868,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of W.P. Carey during the 2nd quarter valued at about $2,371,801,000. Invesco Ltd. increased its position in W.P. Carey by 416.8% during the third quarter. Invesco Ltd. now owns 3,892,462 shares of the real estate investment trust’s stock worth $263,014,000 after purchasing an additional 3,139,266 shares during the last quarter. Norges Bank acquired a new stake in W.P. Carey during the fourth quarter worth about $184,035,000. Legal & General Group Plc purchased a new position in W.P. Carey during the second quarter worth about $189,315,000. Finally, Bank of New York Mellon Corp purchased a new position in W.P. Carey during the second quarter worth about $164,853,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

W.P. Carey Stock Up 0.2%

WPC opened at $70.07 on Wednesday. W.P. Carey Inc. has a 52 week low of $63.08 and a 52 week high of $77.22. The business has a 50 day moving average price of $72.41 and a two-hundred day moving average price of $72.53. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. The company has a market cap of $15.96 billion, a PE ratio of 23.91, a P/E/G ratio of 3.49 and a beta of 0.75.

W.P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.94 per share. This is a boost from W.P. Carey’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend was Tuesday, June 30th. W.P. Carey’s dividend payout ratio is currently 128.33%.

Analyst Ratings Changes

Several research firms have recently weighed in on WPC. Bank of America raised shares of W.P. Carey from an “underperform” rating to a “neutral” rating and increased their price target for the company from $73.00 to $83.00 in a research note on Tuesday, June 16th. Citigroup reiterated a “market perform” rating on shares of W.P. Carey in a research note on Thursday, June 18th. UBS Group reiterated a “neutral” rating on shares of W.P. Carey in a report on Wednesday, July 29th. Wells Fargo & Company raised their target price on W.P. Carey from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of W.P. Carey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 24th. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $79.38.

About W.P. Carey

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.