Geode Capital Management LLC Purchases 127,477 Shares of W. P. Carey Inc. (NYSE:WPC)

Geode Capital Management LLC raised its position in W. P. Carey Inc. (NYSE:WPC) by 2.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 4,573,938 shares of the real estate investment trust’s stock after acquiring an additional 127,477 shares during the period. Geode Capital Management LLC owned approximately 2.09% of W. P. Carey worth $284,426,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of WPC. Allspring Global Investments Holdings LLC lifted its holdings in shares of W. P. Carey by 1,510.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 453 shares in the last quarter. Quarry LP raised its holdings in W. P. Carey by 175.9% during the second quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 357 shares during the last quarter. EdgeRock Capital LLC bought a new position in shares of W. P. Carey in the second quarter valued at $39,000. Maia Wealth LLC bought a new position in shares of W. P. Carey in the third quarter valued at $40,000. Finally, Ridgewood Investments LLC acquired a new position in shares of W. P. Carey during the second quarter valued at about $41,000. Institutional investors own 73.73% of the company’s stock.

W. P. Carey Stock Performance

Shares of WPC opened at $57.02 on Friday. The stock has a 50 day moving average of $57.15 and a 200 day moving average of $58.01. 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 capitalization of $12.48 billion, a price-to-earnings ratio of 22.45, a PEG ratio of 1.04 and a beta of 0.96.

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). The business had revenue of $394.78 million for the quarter, compared to the consensus estimate of $377.43 million. W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.32 earnings per share. As a group, sell-side analysts forecast that W. P. Carey Inc. will post 4.5 earnings per share for the current year.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 6.17%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date is Tuesday, December 31st. W. P. Carey’s dividend payout ratio is 138.58%.

Analyst Upgrades and Downgrades

WPC has been the topic of a number of analyst reports. Barclays upped their target price on shares of W. P. Carey from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Evercore ISI increased their price objective 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 cut their target price on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Finally, 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 report on Tuesday, October 1st. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.88.

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.