The Manufacturers Life Insurance Company Makes New Investment in W.P. Carey Inc. $WPC

The Manufacturers Life Insurance Company bought a new stake in shares of W.P. Carey Inc. (NYSE:WPC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 113,459 shares of the real estate investment trust’s stock, valued at approximately $8,112,000.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. increased its position in shares of W.P. Carey by 1.6% during the second quarter. Invesco Ltd. now owns 753,196 shares of the real estate investment trust’s stock worth $46,984,000 after purchasing an additional 11,635 shares in the last quarter. Cary Street Partners Financial LLC acquired a new stake in W.P. Carey during the 2nd quarter worth $115,000. Bank of Nova Scotia boosted its stake in W.P. Carey by 7.3% during the 2nd quarter. Bank of Nova Scotia now owns 8,164 shares of the real estate investment trust’s stock worth $509,000 after purchasing an additional 555 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of W.P. Carey during the second quarter worth $3,494,000. Finally, Sei Investments Co. raised its position in shares of W.P. Carey by 73.0% in the second quarter. Sei Investments Co. now owns 96,983 shares of the real estate investment trust’s stock valued at $6,050,000 after buying an additional 40,908 shares during the last quarter. 73.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on WPC shares. Royal Bank Of Canada raised their price target on shares of W.P. Carey from $73.00 to $77.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 30th. Barclays increased their price objective on shares of W.P. Carey from $78.00 to $80.00 and gave the company an “underweight” rating in a report on Wednesday, July 22nd. Bank of America upgraded W.P. Carey from an “underperform” rating to a “neutral” rating and upped their price target for the company from $73.00 to $83.00 in a research report on Tuesday, June 16th. Weiss Ratings raised W.P. Carey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 24th. Finally, Wolfe Research upgraded W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a research report on Monday, June 8th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $79.38.

W.P. Carey Stock Up 0.0%

Shares of WPC opened at $70.53 on Monday. The stock has a market capitalization of $16.07 billion, a PE ratio of 24.07, a P/E/G ratio of 3.51 and a beta of 0.75. W.P. Carey Inc. has a 1 year low of $63.08 and a 1 year high of $77.22. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.22 and a current ratio of 0.22. The company’s 50-day simple moving average is $72.49 and its 200-day simple moving average is $72.57.

W.P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.3%. The ex-dividend date was Tuesday, June 30th. This is a boost from W.P. Carey’s previous quarterly dividend of $0.93. W.P. Carey’s dividend payout ratio (DPR) is 128.33%.

W.P. Carey Company Profile

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.