Zacks Investment Research Downgrades W.P. Carey Inc. (WPC) to Sell
W.P. Carey Inc. (NYSE:WPC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “
Several other analysts have also commented on WPC. BMO Capital Markets reissued a “hold” rating on shares of W.P. Carey in a report on Thursday, June 23rd. Citigroup Inc. raised their price objective on W.P. Carey from $54.00 to $59.00 and gave the company a “sell” rating in a report on Thursday, July 7th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of W.P. Carey in a report on Sunday, September 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $71.63.
Shares of W.P. Carey (NYSE:WPC) opened at 61.54 on Thursday. W.P. Carey has a 12-month low of $51.12 and a 12-month high of $72.89. The stock has a market cap of $6.51 billion, a price-to-earnings ratio of 36.20 and a beta of 0.87. The company’s 50-day moving average price is $65.12 and its 200 day moving average price is $65.76.
W.P. Carey (NYSE:WPC) last issued its quarterly earnings data on Thursday, August 4th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.59 by $0.65. W.P. Carey had a return on equity of 5.13% and a net margin of 19.50%. The company had revenue of $198.80 million for the quarter, compared to analyst estimates of $184.64 million. During the same period last year, the company earned $1.31 earnings per share. W.P. Carey’s quarterly revenue was up 1.4% compared to the same quarter last year. On average, equities analysts predict that W.P. Carey will post $2.20 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Monday, October 3rd will be paid a $0.985 dividend. The ex-dividend date is Thursday, September 29th. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.98. This represents a $3.94 dividend on an annualized basis and a dividend yield of 6.40%. W.P. Carey’s payout ratio is currently 231.76%.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of W.P. Carey by 6.0% in the second quarter. Vanguard Group Inc. now owns 15,057,575 shares of the company’s stock worth $1,045,297,000 after buying an additional 855,152 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in W.P. Carey by 0.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,238,646 shares of the company’s stock worth $224,827,000 after buying an additional 15,314 shares during the period. State Street Corp raised its position in W.P. Carey by 3.3% in the second quarter. State Street Corp now owns 1,665,478 shares of the company’s stock worth $115,621,000 after buying an additional 53,491 shares during the period. BlackRock Fund Advisors raised its position in W.P. Carey by 2.9% in the second quarter. BlackRock Fund Advisors now owns 1,500,673 shares of the company’s stock worth $104,177,000 after buying an additional 41,895 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in W.P. Carey by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,277,323 shares of the company’s stock worth $88,671,000 after buying an additional 16,219 shares during the period. 47.84% of the stock is currently owned by hedge funds and other institutional investors.
About W.P. Carey
W. P. Carey provides long-term, sale-leaseback and build-to-suit transactions for companies worldwide, and manages a global investment portfolio. It has two primary business segments. Under the investment management segment, the Company earns revenue as the advisor to publicly owned, non-actively traded real estate investment trusts (REITs), which are sponsored by the Company under the Corporate Property Associates brand name (the CPA REITs) and invests in similar properties.
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