Hoey Investments Inc. Acquires Shares of 887 W. P. Carey Inc. (NYSE:WPC)

Hoey Investments Inc. bought a new position in W. P. Carey Inc. (NYSE:WPC) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 887 shares of the real estate investment trust’s stock, valued at approximately $48,000.

Several other hedge funds and other institutional investors have also made changes to their positions in WPC. National Pension Service purchased a new position in W. P. Carey in the fourth quarter worth $25,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of W. P. Carey in the fourth quarter valued at about $37,000. Millstone Evans Group LLC purchased a new stake in W. P. Carey during the fourth quarter worth about $37,000. Plato Investment Management Ltd acquired a new position in W. P. Carey during the fourth quarter worth about $48,000. Finally, Roxbury Financial LLC purchased a new position in W. P. Carey in the fourth quarter valued at about $58,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on WPC shares. Wells Fargo & Company raised their price objective on W. P. Carey from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. BMO Capital Markets upgraded W. P. Carey from a “market perform” rating to an “outperform” rating and raised their price target for the company from $60.00 to $67.00 in a research report on Tuesday, February 18th. Royal Bank of Canada boosted their price objective 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. Barclays lifted their target price on shares of W. P. Carey from $56.00 to $60.00 and gave the stock an “underweight” rating in a research report on Tuesday, March 4th. Finally, Scotiabank increased their price target on shares of W. P. Carey from $59.00 to $63.00 and gave the company a “sector perform” rating in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.75.

W. P. Carey Stock Performance

Shares of NYSE WPC opened at $63.12 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $13.81 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 1.06 and a beta of 0.95. The company has a 50-day simple moving average of $60.18 and a 200-day simple moving average of $58.39. W. P. Carey Inc. has a 12 month low of $52.91 and a 12 month high of $66.10.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.64%. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. W. P. Carey’s dividend payout ratio is currently 170.33%.

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.