Truist Financial Corp Trims Stake in W. P. Carey Inc. (NYSE:WPC)

Truist Financial Corp reduced its position in shares of W. P. Carey Inc. (NYSE:WPC) by 15.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,730 shares of the real estate investment trust’s stock after selling 28,445 shares during the period. Truist Financial Corp owned approximately 0.07% of W. P. Carey worth $8,648,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in WPC. Wingate Wealth Advisors Inc. purchased a new position in shares of W. P. Carey during the 4th quarter valued at $37,000. Maia Wealth LLC purchased a new position in shares of W. P. Carey during the 3rd quarter valued at $40,000. Abich Financial Wealth Management LLC grew its position in shares of W. P. Carey by 2,374.1% during the 3rd quarter. Abich Financial Wealth Management LLC now owns 668 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 641 shares in the last quarter. Fortitude Family Office LLC grew its position in shares of W. P. Carey by 962.5% during the 3rd quarter. Fortitude Family Office LLC now owns 680 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 616 shares in the last quarter. Finally, RPg Family Wealth Advisory LLC purchased a new position in shares of W. P. Carey during the 3rd quarter valued at $44,000. 73.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on WPC. Barclays cut their target price on shares of W. P. Carey from $59.00 to $56.00 and set an “underweight” rating for the company in a research report on Tuesday, February 4th. Scotiabank cut their target price on shares of W. P. Carey from $60.00 to $59.00 and set a “sector perform” rating for the company in a research report on Thursday, January 16th. Evercore ISI upped their target price on shares of W. P. Carey from $60.00 to $64.00 and gave the stock an “in-line” rating in a research report on Wednesday. JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a research report on Thursday, February 13th. Finally, Royal Bank of Canada upped their target price on shares of W. P. Carey from $61.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.38.

W. P. Carey Stock Up 0.8 %

Shares of NYSE:WPC opened at $61.68 on Friday. The stock’s 50-day moving average price is $55.87 and its 200-day moving average price is $57.68. W. P. Carey Inc. has a 12-month low of $52.91 and a 12-month high of $64.26. The stock has a market capitalization of $13.50 billion, a P/E ratio of 29.51, a price-to-earnings-growth ratio of 1.04 and a beta of 0.97. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.95.

W. P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.88 per share. This is a boost from W. P. Carey’s previous quarterly dividend of $0.88. This represents a $3.52 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date was Tuesday, December 31st. W. P. Carey’s dividend payout ratio (DPR) is 168.42%.

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.