W. P. Carey (NYSE:WPC) Announces Quarterly Earnings Results, Misses Expectations By $0.62 EPS

W. P. Carey (NYSE:WPC) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.62), Zacks reports. W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The business had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. During the same period in the previous year, the business posted $1.32 EPS. The business’s revenue for the quarter was down 11.9% compared to the same quarter last year. W. P. Carey updated its FY24 guidance to $4.65-4.71 EPS and its FY 2024 guidance to 4.650-4.710 EPS.

W. P. Carey Stock Performance

W. P. Carey stock traded down $0.54 during midday trading on Wednesday, reaching $56.16. The stock had a trading volume of 2,128,995 shares, compared to its average volume of 1,212,602. W. P. Carey has a 12 month low of $52.67 and a 12 month high of $67.40. The firm’s 50-day moving average price is $60.65 and its 200 day moving average price is $58.19. The firm has a market capitalization of $12.29 billion, a PE ratio of 21.37, a P/E/G ratio of 1.11 and a beta of 0.94. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.94.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.875 dividend. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 dividend on an annualized basis and a yield of 6.23%. The ex-dividend date was Monday, September 30th. W. P. Carey’s payout ratio is currently 133.08%.

Insider Activity at W. P. Carey

In other news, Director Mark A. Alexander acquired 3,500 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the purchase, the director now owns 38,124 shares of the company’s stock, valued at approximately $2,129,987.88. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on WPC shares. Scotiabank dropped their price objective on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. UBS Group raised their price objective on W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Barclays raised their price objective on W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Royal Bank of Canada dropped their price objective on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, Evercore ISI lifted 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. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $63.25.

About W. P. Carey

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.