Resona Asset Management Co. Ltd. Sells 8,451 Shares of W.P. Carey Inc. $WPC

Resona Asset Management Co. Ltd. lowered its stake in W.P. Carey Inc. (NYSE:WPC) by 6.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 120,905 shares of the real estate investment trust’s stock after selling 8,451 shares during the period. Resona Asset Management Co. Ltd.’s holdings in W.P. Carey were worth $7,585,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WPC. Atlantic Union Bankshares Corp purchased a new position in shares of W.P. Carey in the second quarter worth $154,000. Crestwood Advisors Group LLC boosted its position in shares of W.P. Carey by 4.2% during the second quarter. Crestwood Advisors Group LLC now owns 7,165 shares of the real estate investment trust’s stock valued at $447,000 after purchasing an additional 288 shares in the last quarter. NewSquare Capital LLC grew its position in shares of W.P. Carey by 4.6% in the 2nd quarter. NewSquare Capital LLC now owns 68,393 shares of the real estate investment trust’s stock worth $4,266,000 after buying an additional 3,005 shares during the period. Machina Capital S.A.S. grew its holdings in W.P. Carey by 51.6% in the second quarter. Machina Capital S.A.S. now owns 6,013 shares of the real estate investment trust’s stock worth $375,000 after purchasing an additional 2,047 shares during the period. Finally, Bank of Montreal Can boosted its stake in W.P. Carey by 24.4% during the 2nd quarter. Bank of Montreal Can now owns 44,696 shares of the real estate investment trust’s stock valued at $2,788,000 after purchasing an additional 8,754 shares during the last quarter. Institutional investors own 73.73% of the company’s stock.

W.P. Carey Stock Up 1.7%

Shares of NYSE WPC opened at $67.35 on Friday. W.P. Carey Inc. has a 12-month low of $52.91 and a 12-month high of $69.79. The stock has a market cap of $14.76 billion, a P/E ratio of 40.82, a PEG ratio of 9.57 and a beta of 0.80. The company has a current ratio of 0.25, a quick ratio of 0.19 and a debt-to-equity ratio of 1.02. The business’s fifty day simple moving average is $67.45 and its 200-day simple moving average is $64.66.

W.P. Carey (NYSE:WPC) last released 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. The firm had revenue of $431.30 million for the quarter, compared to analyst estimates of $424.44 million. W.P. Carey had a net margin of 21.75% and a return on equity of 4.40%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 earnings per share. W.P. Carey has set its FY 2025 guidance at 4.930-4.990 EPS. As a group, equities analysts predict that W.P. Carey Inc. will post 4.87 EPS for the current fiscal year.

W.P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date was Tuesday, September 30th. This is an increase from W.P. Carey’s previous quarterly dividend of $0.90. W.P. Carey’s payout ratio is currently 220.61%.

Analysts Set New Price Targets

WPC has been the topic of several research analyst reports. Barclays increased their price target on W.P. Carey from $64.00 to $66.00 and gave the company an “underweight” rating in a report on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of W.P. Carey in a research report on Wednesday, October 8th. UBS Group raised their target price on shares of W.P. Carey from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Friday, August 15th. Wells Fargo & Company upgraded W.P. Carey from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $68.00 to $72.00 in a research report on Thursday, September 11th. Finally, Royal Bank Of Canada boosted their target price on shares of W.P. Carey from $67.00 to $69.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, W.P. Carey has a consensus rating of “Hold” and an average price target of $67.89.

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.