PNC Financial Services Group Inc. lifted its position in WP Carey Inc (NYSE:WPC) by 7.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,053 shares of the real estate investment trust’s stock after purchasing an additional 2,333 shares during the quarter. PNC Financial Services Group Inc.’s holdings in WP Carey were worth $2,049,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pin Oak Investment Advisors Inc. acquired a new stake in shares of WP Carey in the 4th quarter valued at about $120,000. Bruderman Asset Management LLC acquired a new stake in shares of WP Carey in the 1st quarter valued at about $123,000. Centaurus Financial Inc. acquired a new stake in shares of WP Carey in the 1st quarter valued at about $133,000. American International Group Inc. acquired a new stake in shares of WP Carey in the 4th quarter valued at about $152,000. Finally, Neuburgh Advisers LLC acquired a new stake in shares of WP Carey in the 1st quarter valued at about $143,000. 49.44% of the stock is owned by hedge funds and other institutional investors.
WPC has been the subject of a number of research analyst reports. Zacks Investment Research cut WP Carey from a “hold” rating to a “sell” rating in a research report on Wednesday, June 13th. Capital One Financial reissued an “equal weight” rating on shares of WP Carey in a research report on Sunday, February 25th. Finally, Wells Fargo & Co upped their target price on WP Carey from $65.00 to $69.00 and gave the company a “market perform” rating in a research report on Thursday, June 14th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $72.00.
WPC traded up $0.70 on Friday, hitting $66.46. 601,574 shares of the company traded hands, compared to its average volume of 370,672. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.22. The company has a market cap of $7.03 billion, a PE ratio of 12.54, a P/E/G ratio of 3.80 and a beta of 0.74. WP Carey Inc has a 12-month low of $59.23 and a 12-month high of $72.41.
WP Carey (NYSE:WPC) last posted its quarterly earnings data on Friday, May 4th. The real estate investment trust reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.07. The firm had revenue of $201.81 million during the quarter, compared to the consensus estimate of $212.23 million. WP Carey had a return on equity of 8.33% and a net margin of 38.04%. The firm’s revenue was down 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. sell-side analysts expect that WP Carey Inc will post 4.84 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be paid a dividend of $1.02 per share. The ex-dividend date of this dividend is Thursday, June 28th. This is an increase from WP Carey’s previous quarterly dividend of $1.02. This represents a $4.08 annualized dividend and a yield of 6.14%. WP Carey’s dividend payout ratio is currently 76.60%.
WP Carey Company Profile
Celebrating its 45th anniversary, W. P. Carey Inc is a leading internally-managed net lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions primarily for companies in the U.S. and Europe. At December 31, 2017, the Company had an enterprise value of approximately $11.5 billion.
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