Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in W. P. Carey Inc. (NYSE:WPC)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in W. P. Carey Inc. (NYSE:WPC) by 14.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 93,288 shares of the real estate investment trust’s stock after acquiring an additional 11,490 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in W. P. Carey were worth $5,812,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV lifted its holdings in shares of W. P. Carey by 93.1% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 479 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in W. P. Carey by 1,510.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 453 shares during the last quarter. Quarry LP boosted its holdings in shares of W. P. Carey by 175.9% in the second quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 357 shares during the period. Lynx Investment Advisory purchased a new position in shares of W. P. Carey during the second quarter worth approximately $34,000. Finally, EdgeRock Capital LLC acquired a new position in shares of W. P. Carey in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 73.73% of the company’s stock.

W. P. Carey Stock Performance

Shares of WPC stock opened at $56.02 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.90. W. P. Carey Inc. has a 12-month low of $53.09 and a 12-month high of $67.40. The company has a market cap of $12.26 billion, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 1.06 and a beta of 0.95. The stock has a 50 day simple moving average of $58.36 and a 200-day simple moving average of $58.17.

W. P. Carey (NYSE:WPC) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62). W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The business had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. During the same period last year, the business posted $1.32 EPS. W. P. Carey’s revenue was down 11.9% compared to the same quarter last year. On average, equities analysts forecast that W. P. Carey Inc. will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.875 per share. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 annualized dividend and a yield of 6.25%. The ex-dividend date was Monday, September 30th. W. P. Carey’s dividend payout ratio is presently 137.80%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on WPC shares. Wells Fargo & Company reiterated an “equal weight” rating and set a $63.00 price target (up previously from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Scotiabank lowered their price target on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 7th. Evercore ISI upped their price objective on W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Barclays lifted their target price 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. Finally, UBS Group cut their price target on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, W. P. Carey has a consensus rating of “Hold” and an average price target of $62.88.

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.