W. P. Carey (NYSE:WPC) Price Target Raised to $64.00

W. P. Carey (NYSE:WPC) had its price target lifted by Evercore ISI from $60.00 to $64.00 in a research note released on Wednesday,Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Several other equities analysts have also commented on WPC. JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a research report on Thursday, February 13th. UBS Group lowered their target price on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Royal Bank of Canada raised their price objective on W. P. Carey from $61.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. BMO Capital Markets raised W. P. Carey from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $60.00 to $67.00 in a report on Tuesday. Finally, Scotiabank lowered their target price on W. P. Carey from $60.00 to $59.00 and set a “sector perform” rating on the stock in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.38.

W. P. Carey Price Performance

Shares of NYSE WPC opened at $61.68 on Wednesday. W. P. Carey has a fifty-two week low of $52.91 and a fifty-two week high of $64.26. The stock has a fifty day moving average of $55.87 and a 200-day moving average of $57.68. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $13.50 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 1.04 and a beta of 0.97.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 5.71%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date was Tuesday, December 31st. W. P. Carey’s payout ratio is 168.42%.

Institutional Investors Weigh In On W. P. Carey

Several large investors have recently made changes to their positions in WPC. Norges Bank bought a new stake in shares of W. P. Carey in the fourth quarter worth about $139,381,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in W. P. Carey by 660.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,054,080 shares of the real estate investment trust’s stock worth $127,969,000 after acquiring an additional 1,784,131 shares during the last quarter. Demars Financial Group LLC increased its stake in W. P. Carey by 10,001.1% during the fourth quarter. Demars Financial Group LLC now owns 998,292 shares of the real estate investment trust’s stock worth $54,387,000 after acquiring an additional 988,409 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in W. P. Carey by 29.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,022,953 shares of the real estate investment trust’s stock worth $219,170,000 after acquiring an additional 906,622 shares during the last quarter. Finally, Northern Trust Corp increased its stake in W. P. Carey by 40.3% during the fourth quarter. Northern Trust Corp now owns 2,641,229 shares of the real estate investment trust’s stock worth $143,894,000 after acquiring an additional 758,627 shares during the last quarter. 73.73% of the stock is owned by institutional investors.

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.