W. P. Carey Inc. (NYSE:WPC) Shares Sold by Summit Financial LLC

Summit Financial LLC lowered its stake in shares of W. P. Carey Inc. (NYSE:WPC) by 2.9% in the fourth quarter, Holdings Channel reports. The firm owned 17,457 shares of the real estate investment trust’s stock after selling 523 shares during the period. Summit Financial LLC’s holdings in W. P. Carey were worth $966,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of WPC. National Pension Service purchased a new stake in W. P. Carey during the 4th quarter worth approximately $25,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of W. P. Carey during the fourth quarter worth approximately $37,000. Millstone Evans Group LLC purchased a new position in W. P. Carey in the 4th quarter valued at $37,000. Plato Investment Management Ltd acquired a new stake in W. P. Carey during the 4th quarter worth $48,000. Finally, Hoey Investments Inc. purchased a new stake in shares of W. P. Carey during the fourth quarter worth $48,000. Institutional investors and hedge funds own 73.73% of the company’s stock.

W. P. Carey Price Performance

Shares of WPC opened at $62.68 on Thursday. The firm has a 50-day simple moving average of $60.46 and a two-hundred day simple moving average of $58.42. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.98 and a quick ratio of 0.98. W. P. Carey Inc. has a 1-year low of $52.91 and a 1-year high of $66.10. The stock has a market cap of $13.72 billion, a PE ratio of 29.99, a P/E/G ratio of 1.06 and a beta of 0.95.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.89 dividend. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, March 31st. This represents a $3.56 dividend on an annualized basis and a yield of 5.68%. W. P. Carey’s payout ratio is presently 170.33%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WPC. JMP Securities restated a “market perform” rating on shares of W. P. Carey 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 boosted their price objective for the stock from $60.00 to $67.00 in a research note on Tuesday, February 18th. Scotiabank raised their target price on W. P. Carey from $59.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Wednesday, March 12th. Royal Bank of Canada upped their price objective on shares of W. P. Carey from $61.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Finally, Barclays raised their price objective on shares of W. P. Carey from $56.00 to $60.00 and gave the stock an “underweight” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $63.75.

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.