PNC Financial Services Group Inc. Sells 884 Shares of W. P. Carey Inc. (NYSE:WPC)

PNC Financial Services Group Inc. reduced its stake in W. P. Carey Inc. (NYSE:WPC) by 3.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 28,809 shares of the real estate investment trust’s stock after selling 884 shares during the quarter. PNC Financial Services Group Inc.’s holdings in W. P. Carey were worth $1,795,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its position in W. P. Carey by 22.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,240,705 shares of the real estate investment trust’s stock valued at $178,401,000 after buying an additional 588,636 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of W. P. Carey by 649.4% during the third quarter. Victory Capital Management Inc. now owns 553,879 shares of the real estate investment trust’s stock valued at $34,507,000 after acquiring an additional 479,973 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of W. P. Carey by 185.7% during the second quarter. Hsbc Holdings PLC now owns 684,355 shares of the real estate investment trust’s stock worth $37,631,000 after purchasing an additional 444,785 shares during the period. Equity Investment Corp grew its position in W. P. Carey by 38.9% in the 2nd quarter. Equity Investment Corp now owns 1,472,017 shares of the real estate investment trust’s stock valued at $81,035,000 after purchasing an additional 412,450 shares during the period. Finally, International Assets Investment Management LLC increased its stake in W. P. Carey by 6,145.1% during the 3rd quarter. International Assets Investment Management LLC now owns 407,304 shares of the real estate investment trust’s stock valued at $25,375,000 after purchasing an additional 400,782 shares in the last quarter. Institutional investors and hedge funds own 73.73% of the company’s stock.

W. P. Carey Trading Down 1.2 %

Shares of W. P. Carey stock opened at $56.84 on Wednesday. The stock has a market capitalization of $12.44 billion, a P/E ratio of 22.38, a P/E/G ratio of 1.06 and a beta of 0.95. W. P. Carey Inc. has a 52-week low of $53.09 and a 52-week high of $67.40. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50-day simple moving average is $58.83 and its 200 day simple moving average is $58.22.

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 (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.62). The business had revenue of $394.78 million during 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 business’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period last year, the firm earned $1.32 EPS. As a group, research analysts anticipate that W. P. Carey Inc. will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

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

Analyst Ratings Changes

WPC has been the subject of a number of analyst reports. 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 report on Thursday, August 1st. 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 research note on Tuesday, October 1st. UBS Group dropped their target price on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Barclays upped 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, October 10th. Finally, Scotiabank dropped their price objective on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.