W. P. Carey Inc. (NYSE:WPC) to Issue Quarterly Dividend of $0.88

W. P. Carey Inc. (NYSE:WPC) declared a quarterly dividend on Thursday, September 19th, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.875 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.50 dividend on an annualized basis and a yield of 5.58%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87.

W. P. Carey has decreased its dividend by an average of 0.9% annually over the last three years. W. P. Carey has a payout ratio of 157.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect W. P. Carey to earn $4.63 per share next year, which means the company should continue to be able to cover its $3.50 annual dividend with an expected future payout ratio of 75.6%.

W. P. Carey Trading Down 0.2 %

Shares of NYSE:WPC opened at $62.74 on Friday. W. P. Carey has a 12-month low of $51.36 and a 12-month high of $67.40. The company has a market capitalization of $13.73 billion, a PE ratio of 23.86, a PEG ratio of 1.18 and a beta of 0.94. The business has a 50 day moving average of $59.92 and a two-hundred day moving average of $57.60. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.94.

W. P. Carey (NYSE:WPC) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.47). W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The company had revenue of $389.70 million during the quarter, compared to analyst estimates of $381.39 million. During the same period in the previous year, the firm posted $1.36 earnings per share. The company’s revenue was down 13.9% compared to the same quarter last year. As a group, analysts forecast that W. P. Carey will post 4.52 EPS for the current year.

Insider Buying and Selling at W. P. Carey

In related news, Director Mark A. Alexander purchased 3,500 shares of W. P. Carey stock in a transaction on Friday, August 9th. The shares were bought at an average price of $55.87 per share, with a total value of $195,545.00. Following the transaction, the director now directly owns 38,124 shares of the company’s stock, valued at $2,129,987.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on WPC shares. Scotiabank reduced their target price on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Evercore ISI upped their target price on W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. UBS Group upped their target price on W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Company upped their target price on W. P. Carey from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Monday, August 26th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $61.13.

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.