Zacks Investment Research downgraded shares of W.P. Carey Inc. (NYSE:WPC) from a hold rating to a sell rating in a report issued on Thursday morning.
According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “
A number of other research analysts have also recently commented on the stock. Wells Fargo & Co. reaffirmed a hold rating on shares of W.P. Carey in a research report on Sunday, September 25th. BMO Capital Markets reaffirmed a buy rating and issued a $81.00 target price on shares of W.P. Carey in a research report on Friday, September 23rd. Finally, Citigroup Inc. upped their target price 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $71.63.
Shares of W.P. Carey (NYSE:WPC) opened at 61.74 on Thursday. W.P. Carey has a 12-month low of $51.12 and a 12-month high of $72.89. The stock has a 50 day moving average of $64.74 and a 200-day moving average of $65.79. The company has a market capitalization of $6.53 billion, a PE ratio of 36.32 and a beta of 0.87.
W.P. Carey (NYSE:WPC) last announced its quarterly earnings results on Thursday, August 4th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.65. The firm had revenue of $198.80 million for the quarter, compared to analysts’ expectations of $184.64 million. W.P. Carey had a net margin of 19.50% and a return on equity of 5.13%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.31 EPS. Analysts predict that W.P. Carey will post $2.20 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Monday, October 3rd were paid a dividend of $0.985 per share. The ex-dividend date was Thursday, September 29th. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.98. This represents a $3.94 dividend on an annualized basis and a yield of 6.38%. W.P. Carey’s dividend payout ratio is 231.76%.
A number of hedge funds have recently modified their holdings of the company. AllSquare Wealth Management LLC raised its stake in shares of W.P. Carey by 11.1% in the second quarter. AllSquare Wealth Management LLC now owns 2,000 shares of the company’s stock worth $139,000 after buying an additional 200 shares during the period. Checchi Capital Advisers LLC raised its stake in shares of W.P. Carey by 3.4% in the second quarter. Checchi Capital Advisers LLC now owns 2,458 shares of the company’s stock worth $171,000 after buying an additional 80 shares during the period. Logan Capital Management Inc. acquired a new stake in shares of W.P. Carey during the second quarter worth about $201,000. Carret Asset Management LLC acquired a new stake in shares of W.P. Carey during the second quarter worth about $206,000. Finally, Kempner Capital Management Inc. acquired a new stake in shares of W.P. Carey during the second quarter worth about $208,000. Institutional investors own 47.85% of the company’s stock.
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.