Exchange Traded Concepts LLC Has $5.14 Million Stock Position in W. P. Carey Inc. (NYSE:WPC)

14 Oct 2024, 11:46 by Sarita Garza · The Markets Daily

Exchange Traded Concepts LLC cut its stake in shares of W. P. Carey Inc. (NYSE:WPC – Free Report) by 2.1% in the third quarter, Holdings Channel reports. The firm owned 82,475 shares of the real estate investment trust’s stock after selling 1,754 shares during the quarter. Exchange Traded Concepts LLC’s holdings in W. P. Carey were worth $5,138,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WPC. Carnegie Investment Counsel grew its position in shares of W. P. Carey by 20.5% during the 3rd quarter. Carnegie Investment Counsel now owns 173,837 shares of the real estate investment trust’s stock worth $10,830,000 after buying an additional 29,527 shares during the period. Avondale Wealth Management acquired a new position in W. P. Carey during the third quarter valued at approximately $62,000. Gateway Investment Advisers LLC increased its stake in W. P. Carey by 16.5% in the third quarter. Gateway Investment Advisers LLC now owns 81,658 shares of the real estate investment trust’s stock valued at $5,087,000 after purchasing an additional 11,561 shares in the last quarter. LVW Advisors LLC acquired a new stake in W. P. Carey in the third quarter worth $212,000. Finally, Private Advisory Group LLC bought a new position in shares of W. P. Carey during the third quarter worth $331,000. Institutional investors own 73.73% of the company’s stock.

W. P. Carey Trading Up 0.8 %

NYSE:WPC opened at $59.82 on Monday. The company has a market cap of $13.09 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 1.11 and a beta of 0.94. W. P. Carey Inc. has a twelve month low of $51.60 and a twelve month high of $67.40. The business has a 50 day moving average price of $60.20 and a two-hundred day moving average price of $57.94. 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 (NYSE:WPC – Get Free Report) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.47). W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The business had revenue of $389.70 million for the quarter, compared to analyst estimates of $381.39 million. During the same quarter in the previous year, the company posted $1.36 EPS. The business’s revenue for the quarter was down 13.9% compared to the same quarter last year. As a group, analysts expect that W. P. Carey Inc. will post 4.52 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.875 per share. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 annualized dividend and a yield of 5.85%. W. P. Carey’s dividend payout ratio is 133.08%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Royal Bank of Canada lowered their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Barclays increased their price target on W. P. Carey from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday. Evercore ISI lifted their price objective on W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, September 16th. UBS Group increased 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, JPMorgan Chase & Co. cut their price target on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $63.25.

Check Out Our Latest Analysis on W. P. Carey

Insider Buying and Selling at W. P. Carey

In related news, Director Mark A. Alexander acquired 3,500 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were bought at an average price of $55.87 per share, for a total transaction of $195,545.00. Following the purchase, the director now directly owns 38,124 shares in the company, valued at approximately $2,129,987.88. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.08% of the company’s stock.

About W. P. Carey

(Free Report)

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.