Thrivent Financial for Lutherans Sells 30,539 Shares of W. P. Carey Inc. (NYSE:WPC)

Thrivent Financial for Lutherans reduced its position in shares of W. P. Carey Inc. (NYSE:WPC) by 32.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 64,299 shares of the real estate investment trust’s stock after selling 30,539 shares during the quarter. Thrivent Financial for Lutherans’ holdings in W. P. Carey were worth $4,006,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of WPC. Empowered Funds LLC purchased a new stake in W. P. Carey in the 3rd quarter worth approximately $218,000. King Wealth Management Group bought a new position in shares of W. P. Carey during the third quarter valued at approximately $218,000. CIBC Asset Management Inc lifted its stake in W. P. Carey by 5.4% in the third quarter. CIBC Asset Management Inc now owns 7,748 shares of the real estate investment trust’s stock worth $483,000 after acquiring an additional 395 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its holdings in W. P. Carey by 6.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,910 shares of the real estate investment trust’s stock valued at $368,000 after acquiring an additional 352 shares in the last quarter. Finally, Metis Global Partners LLC raised its holdings in W. P. Carey by 25.9% in the 3rd quarter. Metis Global Partners LLC now owns 26,131 shares of the real estate investment trust’s stock worth $1,628,000 after purchasing an additional 5,375 shares in the last quarter. 73.73% of the stock is owned by institutional investors.

W. P. Carey Stock Performance

Shares of NYSE WPC opened at $57.10 on Monday. W. P. Carey Inc. has a 12-month low of $53.09 and a 12-month high of $67.40. The firm has a 50 day moving average of $58.95 and a 200 day moving average of $58.23. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of 22.48, a price-to-earnings-growth ratio of 1.06 and a beta of 0.95. 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 (NYSE:WPC) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.62). The firm had revenue of $394.78 million for the quarter, compared to the consensus estimate of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.32 earnings per share. On average, research analysts anticipate 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. Shareholders of record on Monday, September 30th were paid a $0.875 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.50 annualized dividend and a yield of 6.13%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s payout ratio is presently 137.80%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Scotiabank reduced their target price 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. UBS Group reduced their price objective 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. Barclays increased their target price on W. P. Carey from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Royal Bank of Canada lowered their price target on 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. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $63.00 target price (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. 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, the company currently has an average rating of “Hold” and a consensus 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.