Provence Wealth Management Group Sells 232 Shares of W. P. Carey Inc. (NYSE:WPC)

Provence Wealth Management Group trimmed its holdings in shares of W. P. Carey Inc. (NYSE:WPC) by 27.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 626 shares of the real estate investment trust’s stock after selling 232 shares during the period. Provence Wealth Management Group’s holdings in W. P. Carey were worth $41,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. U.S. Capital Wealth Advisors LLC acquired a new position in shares of W. P. Carey during the fourth quarter worth approximately $218,000. M&T Bank Corp lifted its holdings in W. P. Carey by 2.7% during the 4th quarter. M&T Bank Corp now owns 31,191 shares of the real estate investment trust’s stock worth $2,024,000 after buying an additional 825 shares in the last quarter. Amalgamated Bank boosted its position in W. P. Carey by 512.4% in the 4th quarter. Amalgamated Bank now owns 124,702 shares of the real estate investment trust’s stock valued at $8,082,000 after buying an additional 104,340 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in shares of W. P. Carey by 1.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 16,922 shares of the real estate investment trust’s stock valued at $1,097,000 after buying an additional 191 shares during the period. Finally, Natixis Advisors L.P. bought a new stake in shares of W. P. Carey during the fourth quarter worth $921,000. Institutional investors own 73.73% of the company’s stock.

Analysts Set New Price Targets

WPC has been the topic of several recent research reports. Raymond James cut W. P. Carey from an “outperform” rating to a “market perform” rating in a report on Monday, February 12th. Scotiabank dropped their price target on shares of W. P. Carey from $62.00 to $60.00 and set a “sector perform” rating for the company in a research note on Monday, March 4th. Royal Bank of Canada reduced their price objective on shares of W. P. Carey from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday. Barclays assumed coverage on shares of W. P. Carey in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $40.00 target price for the company. Finally, Wells Fargo & Company reduced their price target on W. P. Carey from $66.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.18.

W. P. Carey Stock Up 1.4 %

WPC stock traded up $0.76 during mid-day trading on Friday, hitting $56.68. 1,392,562 shares of the company were exchanged, compared to its average volume of 1,164,508. The firm’s 50 day simple moving average is $55.87 and its 200 day simple moving average is $58.84. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.62 and a current ratio of 0.90. W. P. Carey Inc. has a 1-year low of $51.36 and a 1-year high of $73.60. The firm has a market cap of $12.40 billion, a P/E ratio of 21.55, a P/E/G ratio of 0.45 and a beta of 0.86.

W. P. Carey (NYSE:WPC) last announced its earnings results on Friday, February 9th. The real estate investment trust reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. W. P. Carey had a net margin of 33.65% and a return on equity of 6.41%. The firm had revenue of $410.38 million during the quarter, compared to analyst estimates of $413.04 million. During the same period in the prior year, the business earned $1.29 EPS. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, sell-side analysts predict that W. P. Carey Inc. will post 4.53 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.865 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.46 dividend on an annualized basis and a yield of 6.10%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.86. W. P. Carey’s dividend payout ratio is 131.56%.

W. P. Carey 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.