Bank of New York Mellon Corp Sells 10,833 Shares of W.P. Carey Inc. $WPC

Bank of New York Mellon Corp trimmed its position in shares of W.P. Carey Inc. (NYSE:WPC) by 0.5% during the second quarter, Holdings Channel.com reports. The fund owned 2,237,186 shares of the real estate investment trust’s stock after selling 10,833 shares during the quarter. Bank of New York Mellon Corp’s holdings in W.P. Carey were worth $139,556,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its holdings in W.P. Carey by 4.6% during the first quarter. Envestnet Asset Management Inc. now owns 606,427 shares of the real estate investment trust’s stock valued at $38,272,000 after purchasing an additional 26,665 shares during the period. Ethos Financial Group LLC bought a new stake in shares of W.P. Carey in the first quarter valued at $372,000. Stratos Wealth Partners LTD. lifted its position in shares of W.P. Carey by 7.5% during the 1st quarter. Stratos Wealth Partners LTD. now owns 11,503 shares of the real estate investment trust’s stock valued at $726,000 after buying an additional 802 shares during the last quarter. New Age Alpha Advisors LLC grew its stake in shares of W.P. Carey by 23.8% during the 1st quarter. New Age Alpha Advisors LLC now owns 76,348 shares of the real estate investment trust’s stock worth $4,818,000 after acquiring an additional 14,702 shares during the period. Finally, Jump Financial LLC bought a new position in shares of W.P. Carey during the 1st quarter worth $4,605,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Wells Fargo & Company raised shares of W.P. Carey from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $68.00 to $72.00 in a report on Thursday, September 11th. Barclays upped their price target on shares of W.P. Carey from $64.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 20th. Evercore ISI lifted their price objective on shares of 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. Weiss Ratings reissued a “hold (c)” rating on shares of W.P. Carey in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada increased their target price on W.P. Carey from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $67.89.

W.P. Carey Price Performance

WPC stock opened at $66.26 on Friday. The firm has a 50 day moving average of $67.44 and a 200-day moving average of $64.61. The firm has a market capitalization of $14.52 billion, a P/E ratio of 40.16, a price-to-earnings-growth ratio of 9.57 and a beta of 0.81. W.P. Carey Inc. has a 12 month low of $52.91 and a 12 month high of $69.79. The company has a current ratio of 0.25, a quick ratio of 0.19 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, topping analysts’ consensus estimates 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 business had revenue of $431.30 million for the quarter, compared to analyst estimates of $424.44 million. During the same quarter in the prior year, the firm posted $1.18 EPS. W.P. Carey’s revenue 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. As a group, sell-side analysts predict that W.P. Carey Inc. will post 4.87 earnings per share for the current fiscal year.

W.P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a dividend of $0.91 per share. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.90. This represents a $3.64 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend was Tuesday, September 30th. W.P. Carey’s dividend payout ratio is 220.61%.

W.P. Carey 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.