Thrive Wealth Management LLC Sells 718 Shares of W. P. Carey Inc. (NYSE:WPC)

Thrive Wealth Management LLC cut its position in shares of W. P. Carey Inc. (NYSE:WPC) by 15.6% during the second quarter, HoldingsChannel.com reports. The firm owned 3,893 shares of the real estate investment trust’s stock after selling 718 shares during the period. Thrive Wealth Management LLC’s holdings in W. P. Carey were worth $263,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of WPC. Fairfield Bush & CO. acquired a new position in shares of W. P. Carey in the 1st quarter valued at $26,000. Acadian Asset Management LLC acquired a new position in W. P. Carey in the first quarter worth about $26,000. Robbins Farley bought a new position in W. P. Carey during the first quarter worth about $27,000. Thompson Investment Management Inc. acquired a new stake in shares of W. P. Carey during the first quarter worth $27,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of W. P. Carey in the fourth quarter valued at about $32,000. 62.62% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on WPC shares. Citigroup cut their price objective on shares of W. P. Carey from $75.00 to $69.00 and set a “neutral” rating for the company in a report on Wednesday, August 30th. JMP Securities lowered their price objective on W. P. Carey from $86.00 to $80.00 in a research note on Friday, June 23rd. BNP Paribas began coverage on W. P. Carey in a report on Wednesday, June 14th. They issued an “underperform” rating and a $74.00 price objective for the company. Bank of America lowered W. P. Carey from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $78.00 to $67.00 in a report on Monday, August 14th. Finally, StockNews.com assumed coverage on W. P. Carey in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $77.29.

W. P. Carey Price Performance

Shares of WPC stock opened at $63.12 on Tuesday. W. P. Carey Inc. has a twelve month low of $62.68 and a twelve month high of $85.94. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.87. The business has a fifty day simple moving average of $66.54 and a 200 day simple moving average of $70.41. The company has a market cap of $13.50 billion, a P/E ratio of 17.68, a P/E/G ratio of 7.11 and a beta of 0.76.

W. P. Carey (NYSE:WPC) last posted its earnings results on Friday, July 28th. The real estate investment trust reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.62). The company had revenue of $452.60 million during the quarter, compared to the consensus estimate of $430.48 million. W. P. Carey had a return on equity of 8.28% and a net margin of 45.21%. The firm’s revenue was up 31.4% compared to the same quarter last year. During the same period last year, the company posted $1.31 EPS. On average, sell-side analysts forecast that W. P. Carey Inc. will post 5.21 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $1.071 per share. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from W. P. Carey’s previous quarterly dividend of $1.07. This represents a $4.28 annualized dividend and a dividend yield of 6.79%. W. P. Carey’s dividend payout ratio is 119.89%.

W. P. Carey Company Profile

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $23 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,475 net lease properties covering approximately 180 million square feet and a portfolio of 85 self-storage operating properties, as of June 30, 2023.