W.P. Carey Inc. (WPC) Lowered to “Sell” at Zacks Investment Research
W.P. Carey Inc. (NYSE:WPC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “
Other equities analysts have also issued research reports about the company. BMO Capital Markets reissued a “buy” rating and issued a $81.00 target price on shares of W.P. Carey in a research report on Friday, September 23rd. Wells Fargo & Co. reissued a “hold” rating on shares of W.P. Carey in a research report on Sunday, September 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $71.63.
W.P. Carey (NYSE:WPC) opened at 57.74 on Thursday. The stock has a 50 day moving average of $60.93 and a 200-day moving average of $65.49. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 22.82 and a beta of 0.90. W.P. Carey has a 52-week low of $51.12 and a 52-week high of $72.89.
W.P. Carey (NYSE:WPC) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $1.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.20 by $0.17. The firm earned $204.20 million during the quarter, compared to the consensus estimate of $176.33 million. W.P. Carey had a return on equity of 7.71% and a net margin of 30.17%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 EPS. On average, equities research analysts anticipate that W.P. Carey will post $2.68 earnings per share for the current fiscal year.
In other W.P. Carey news, Director Mary M. Vandeweghe purchased 940 shares of W.P. Carey stock in a transaction dated Monday, November 7th. The stock was purchased at an average price of $58.67 per share, with a total value of $55,149.80. Following the transaction, the director now directly owns 7,484 shares of the company’s stock, valued at $439,086.28. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.68% of the company’s stock.
Several large investors have recently added to or reduced their stakes in WPC. LPL Financial LLC raised its stake in W.P. Carey by 28.8% in the third quarter. LPL Financial LLC now owns 145,074 shares of the company’s stock valued at $9,163,000 after buying an additional 32,423 shares during the last quarter. Laffer Investments raised its stake in W.P. Carey by 5.0% in the third quarter. Laffer Investments now owns 13,803 shares of the company’s stock valued at $891,000 after buying an additional 652 shares during the last quarter. DF Dent & Co. Inc. raised its stake in W.P. Carey by 0.3% in the third quarter. DF Dent & Co. Inc. now owns 5,715 shares of the company’s stock valued at $369,000 after buying an additional 19 shares during the last quarter. Salem Investment Counselors Inc. acquired a new stake in W.P. Carey during the third quarter valued at approximately $124,000. Finally, Verition Fund Management LLC acquired a new stake in W.P. Carey during the third quarter valued at approximately $524,000. 48.20% of the stock is owned by hedge funds and other institutional investors.
W.P. Carey Company Profile
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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