Citigroup Inc. Sells 32,103 Shares of W. P. Carey Inc. (NYSE:WPC)

Citigroup Inc. lessened its stake in W. P. Carey Inc. (NYSE:WPC) by 9.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 297,687 shares of the real estate investment trust’s stock after selling 32,103 shares during the quarter. Citigroup Inc. owned 0.14% of W. P. Carey worth $18,546,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in W. P. Carey by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,598,618 shares of the real estate investment trust’s stock worth $161,894,000 after purchasing an additional 103,147 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of W. P. Carey by 3.8% in the third quarter. EverSource Wealth Advisors LLC now owns 23,677 shares of the real estate investment trust’s stock valued at $1,475,000 after purchasing an additional 858 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of W. P. Carey during the third quarter worth about $640,000. Napa Wealth Management grew its holdings in shares of W. P. Carey by 19.8% during the third quarter. Napa Wealth Management now owns 4,716 shares of the real estate investment trust’s stock worth $294,000 after buying an additional 778 shares in the last quarter. Finally, Quest Partners LLC raised its position in W. P. Carey by 747.6% in the 3rd quarter. Quest Partners LLC now owns 108,748 shares of the real estate investment trust’s stock valued at $6,775,000 after buying an additional 95,918 shares during the last quarter. 73.73% of the stock is currently owned by institutional investors and hedge funds.

W. P. Carey Stock Performance

WPC opened at $56.84 on Wednesday. The company has a quick ratio of 1.00, a current 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 business has a 50 day moving average of $58.83 and a 200-day moving average of $58.22. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of 22.38, a PEG ratio of 1.06 and a beta of 0.95.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share 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 the consensus estimate of $377.43 million. During the same quarter last year, the company posted $1.32 EPS. The firm’s revenue was down 11.9% on a year-over-year basis. On average, equities research analysts expect that W. P. Carey Inc. will post 4.52 earnings per share for the current year.

W. P. Carey Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.875 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.50 dividend on an annualized basis and a yield of 6.16%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio is 137.80%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WPC. Scotiabank decreased their price target on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $63.00 price target (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Royal Bank of Canada reduced 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 note on Thursday, August 1st. Evercore ISI lifted their target price on W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Finally, UBS Group reduced their price target on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.