W.P. Carey Inc. (WPC) Hits New 12-Month High at $70.60
Shares of W.P. Carey Inc. (NYSE:WPC) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $70.60 and last traded at $70.42, with a volume of 153,004 shares traded. The stock had previously closed at $70.02.
A number of analysts recently issued reports on WPC shares. BMO Capital Markets restated a “hold” rating on shares of W.P. Carey in a research report on Thursday, June 23rd. TheStreet upgraded shares of W.P. Carey from a “hold” rating to a “buy” rating in a research report on Thursday, May 5th. Citigroup Inc. raised their target price 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. Finally, Zacks Investment Research upgraded shares of W.P. Carey from a “hold” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Wednesday, May 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $69.63.
The firm has a 50-day moving average price of $68.26 and a 200-day moving average price of $61.92. The company has a market cap of $7.41 billion and a P/E ratio of 39.05.
W.P. Carey (NYSE:WPC) last announced its quarterly earnings data on Thursday, May 5th. The company reported $1.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.87. The firm earned $244.20 million during the quarter, compared to analyst estimates of $177.19 million. During the same quarter in the previous year, the business earned $1.22 EPS. On average, analysts expect that W.P. Carey Inc. will post $2.16 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a $0.98 dividend. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $3.92 dividend on an annualized basis and a yield of 5.60%. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.97.
In other news, Director Mary M. Vandeweghe acquired 1,000 shares of W.P. Carey stock in a transaction that occurred on Monday, May 9th. The stock was purchased at an average price of $63.08 per share, for a total transaction of $63,080.00. Following the completion of 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 can be accessed through this link.
Other large investors have recently made changes to their positions in the company. Mizuho Trust & Banking Co. Ltd. increased its stake in shares of W.P. Carey by 2.4% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 18,308 shares of the company’s stock worth $1,092,000 after buying an additional 434 shares during the last quarter. KBC Group NV boosted its position in shares of W.P. Carey by 19.8% in the fourth quarter. KBC Group NV now owns 25,363 shares of the company’s stock worth $1,496,000 after buying an additional 4,190 shares during the period. ProShare Advisors LLC boosted its position in shares of W.P. Carey by 12.0% in the fourth quarter. ProShare Advisors LLC now owns 35,084 shares of the company’s stock worth $2,070,000 after buying an additional 3,747 shares during the period. Rench Wealth Management Inc. boosted its position in shares of W.P. Carey by 14.6% in the fourth quarter. Rench Wealth Management Inc. now owns 48,322 shares of the company’s stock worth $2,851,000 after buying an additional 6,150 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of W.P. Carey by 4.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 52,488 shares of the company’s stock worth $3,097,000 after buying an additional 2,088 shares during the period.
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.