W.P. Carey Inc. (WPC) Reaches New 52-Week High at $71.97
W.P. Carey Inc. (NYSE:WPC) reached a new 52-week high on Thursday . The company traded as high as $71.97 and last traded at $71.87, with a volume of 134,532 shares. The stock had previously closed at $71.02.
A number of equities research analysts recently weighed in on WPC shares. TheStreet raised shares of W.P. Carey from a “hold” rating to a “buy” rating in a research note on Thursday, May 5th. Zacks Investment Research raised shares of W.P. Carey from a “hold” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research note on Wednesday, May 25th. BMO Capital Markets raised shares of W.P. Carey from a “market perform” rating to an “outperform” rating and upped their target price for the company from $70.00 to $81.00 in a research note on Thursday, July 21st. They noted that the move was a valuation call. Finally, Citigroup Inc. upped their target price on shares of W.P. Carey from $54.00 to $59.00 and gave the company a “sell” rating in a research note on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $71.63.
The stock has a 50 day moving average of $69.36 and a 200 day moving average of $62.53. The company has a market capitalization of $7.62 billion and a P/E ratio of 40.16.
W.P. Carey (NYSE:WPC) last posted its earnings results on Thursday, May 5th. The company reported $1.31 EPS for the quarter, topping the consensus estimate of $0.44 by $0.87. The business had revenue of $244.20 million for the quarter, compared to analyst estimates of $177.19 million. During the same quarter in the prior year, the business earned $1.22 earnings per share. On average, analysts expect that W.P. Carey Inc. will post $2.16 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a dividend of $0.98 per share. The ex-dividend date was Tuesday, June 28th. This represents a $3.92 annualized dividend and a yield of 5.40%. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.97.
In other W.P. Carey news, Director Mary M. Vandeweghe bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 9th. The shares were acquired at an average cost of $63.08 per share, for a total transaction of $63,080.00. Following the transaction, the director now directly owns 5,389 shares in the company, valued at $339,938.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Several hedge funds recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in W.P. Carey by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 13,822,403 shares of the company’s stock valued at $815,521,000 after buying an additional 309,256 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in W.P. Carey by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,228,573 shares of the company’s stock valued at $72,487,000 after buying an additional 155,487 shares in the last quarter. California Public Employees Retirement System raised its stake in W.P. Carey by 4.9% in the fourth quarter. California Public Employees Retirement System now owns 140,500 shares of the company’s stock valued at $8,290,000 after buying an additional 6,500 shares in the last quarter. First Trust Advisors LP raised its stake in W.P. Carey by 8.1% in the fourth quarter. First Trust Advisors LP now owns 69,393 shares of the company’s stock valued at $4,094,000 after buying an additional 5,210 shares in the last quarter. Finally, KBC Group NV raised its stake in W.P. Carey by 19.8% in the fourth quarter. KBC Group NV now owns 25,363 shares of the company’s stock valued at $1,496,000 after buying an additional 4,190 shares in the last quarter.
W. P. Carey provides long-term, sale-leaseback and build-to-suit transactions for companies worldwide, and manages a global investment portfolio. It has two primary business segments. Under the investment management segment, the Company earns revenue as the advisor to publicly owned, non-actively traded real estate investment trusts (REITs), which are sponsored by the Company under the Corporate Property Associates brand name (the CPA REITs) and invests in similar properties.
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