W. P. Carey (NYSE:WPC) Updates FY 2024 Earnings Guidance

W. P. Carey (NYSE:WPC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.650-4.710 for the period, compared to the consensus earnings per share estimate of 4.740. The company issued revenue guidance of -. W. P. Carey also updated its FY24 guidance to $4.65-4.71 EPS.

W. P. Carey Stock Down 1.3 %

Shares of NYSE WPC traded down $0.76 during trading on Tuesday, hitting $56.72. The stock had a trading volume of 1,377,414 shares, compared to its average volume of 1,208,216. The firm has a fifty day moving average of $60.65 and a two-hundred day moving average of $58.19. The company has a market capitalization of $12.41 billion, a PE ratio of 21.57, a PEG ratio of 1.11 and a beta of 0.94. 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 12 month low of $51.60 and a 12 month high of $67.40.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.47). W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The firm had revenue of $389.70 million during the quarter, compared to analysts’ expectations of $381.39 million. During the same quarter last year, the business posted $1.36 EPS. The company’s quarterly revenue was down 13.9% on a year-over-year basis. As a group, equities research analysts forecast that W. P. Carey will post 4.52 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date was Monday, September 30th. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio is 133.08%.

Analyst Upgrades and Downgrades

WPC has been the subject of several research reports. UBS Group increased their price target on shares of W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. reduced their target price on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada lowered their price target on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Barclays upped their price objective on W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Finally, Evercore ISI raised their target price on W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Eight analysts have rated the stock with a hold rating and two have assigned 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 $63.25.

Insider Transactions at W. P. Carey

In related news, Director Mark A. Alexander bought 3,500 shares of W. P. Carey stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $55.87 per share, with a total value of $195,545.00. Following the acquisition, the director now directly owns 38,124 shares of the company’s stock, valued at $2,129,987.88. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.08% of the company’s stock.

W. P. Carey Company 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.