W. P. Carey (NYSE:WPC) Releases Earnings Results

W. P. Carey (NYSE:WPC) released its quarterly earnings data on Tuesday. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62), Zacks reports. The company had revenue of $394.78 million for the quarter, compared to analysts’ expectations of $377.43 million. W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The business’s quarterly revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.32 EPS. W. P. Carey updated its FY24 guidance to $4.65-4.71 EPS and its FY 2024 guidance to 4.650-4.710 EPS.

W. P. Carey Price Performance

WPC stock traded up $0.03 during trading on Thursday, hitting $56.22. The stock had a trading volume of 93,668 shares, compared to its average volume of 1,207,300. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.93 and a quick ratio of 1.93. W. P. Carey has a twelve month low of $52.67 and a twelve month high of $67.40. The stock has a market capitalization of $12.30 billion, a P/E ratio of 22.11, a PEG ratio of 1.11 and a beta of 0.94. The company’s 50-day moving average price is $60.65 and its two-hundred day moving average price is $58.19.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.875 dividend. This represents a $3.50 annualized dividend and a yield of 6.23%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Monday, September 30th. W. P. Carey’s payout ratio is presently 137.80%.

Insider Buying and Selling

In other W. P. Carey news, Director Mark A. Alexander bought 3,500 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $55.87 per share, with a total value of $195,545.00. Following the purchase, the director now directly owns 38,124 shares of the company’s stock, valued at $2,129,987.88. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on WPC shares. JPMorgan Chase & Co. reduced their price objective on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Evercore ISI raised their target price on W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company restated an “equal weight” rating and set a $63.00 target price (up from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. Royal Bank of Canada dropped their target price on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Barclays raised their target price on W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $63.25.

About W. P. Carey

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.