Zacks Investment Research Downgrades W.P. Carey Inc. (WPC) to Sell
W.P. Carey Inc. (NYSE:WPC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “
Other equities research analysts have also recently issued research reports about the stock. Citigroup Inc. boosted their price target on shares of W.P. Carey from $54.00 to $59.00 and gave the stock a “sell” rating in a research report on Thursday, July 7th. BMO Capital Markets restated a “hold” rating on shares of W.P. Carey in a research report on Thursday, June 23rd. Finally, Wells Fargo & Co. restated a “hold” rating on shares of W.P. Carey in a research report on Sunday, September 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $71.63.
W.P. Carey (NYSE:WPC) opened at 61.80 on Thursday. The firm has a 50-day moving average of $64.86 and a 200 day moving average of $65.74. W.P. Carey has a one year low of $51.12 and a one year high of $72.89. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of 36.35 and a beta of 0.87.
W.P. Carey (NYSE:WPC) last announced its quarterly earnings results on Thursday, August 4th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.65. W.P. Carey had a net margin of 19.50% and a return on equity of 5.13%. The company had revenue of $198.80 million for the quarter, compared to analysts’ expectations of $184.64 million. During the same quarter in the previous year, the business posted $1.31 earnings per share. W.P. Carey’s quarterly revenue was up 1.4% on a year-over-year basis. Equities research analysts predict that W.P. Carey will post $2.20 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Monday, October 3rd were paid a dividend of $0.985 per share. This represents a $3.94 annualized dividend and a yield of 6.38%. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, September 29th. W.P. Carey’s payout ratio is presently 231.76%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Pennsylvania Trust Co raised its position in W.P. Carey by 6.4% in the third quarter. Pennsylvania Trust Co now owns 18,307 shares of the company’s stock valued at $1,181,000 after buying an additional 1,100 shares during the last quarter. MSI Financial Services Inc raised its position in W.P. Carey by 41.6% in the third quarter. MSI Financial Services Inc now owns 8,414 shares of the company’s stock valued at $543,000 after buying an additional 2,470 shares during the last quarter. Creative Planning raised its position in W.P. Carey by 49.1% in the third quarter. Creative Planning now owns 24,197 shares of the company’s stock valued at $1,561,000 after buying an additional 7,965 shares during the last quarter. Mitchell Sinkler & Starr PA raised its position in W.P. Carey by 5.0% in the third quarter. Mitchell Sinkler & Starr PA now owns 6,300 shares of the company’s stock valued at $407,000 after buying an additional 300 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in W.P. Carey by 3.0% in the third quarter. Fisher Asset Management LLC now owns 5,123 shares of the company’s stock valued at $331,000 after buying an additional 150 shares during the last quarter. 47.84% of the stock is owned by institutional investors.
W.P. Carey Company Profile
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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