Northern Trust Corp Has $66.64 Million Stake in W.P. Carey Inc. (WPC)
Northern Trust Corp grew its position in W.P. Carey Inc. (NYSE:WPC) by 14.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,009,533 shares of the real estate investment trust’s stock after purchasing an additional 124,056 shares during the quarter. Northern Trust Corp owned approximately 0.95% of W.P. Carey worth $66,638,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in WPC. New England Private Wealth Advisors LLC lifted its position in shares of W.P. Carey by 0.4% during the 2nd quarter. New England Private Wealth Advisors LLC now owns 4,264 shares of the real estate investment trust’s stock worth $283,000 after purchasing an additional 17 shares during the last quarter. DF Dent & Co. Inc. increased its holdings in W.P. Carey by 0.4% in the first quarter. DF Dent & Co. Inc. now owns 5,758 shares of the real estate investment trust’s stock valued at $358,000 after buying an additional 22 shares during the last quarter. FineMark National Bank & Trust increased its holdings in W.P. Carey by 0.6% in the second quarter. FineMark National Bank & Trust now owns 14,808 shares of the real estate investment trust’s stock valued at $977,000 after buying an additional 83 shares during the last quarter. Morse Asset Management Inc increased its holdings in W.P. Carey by 1.6% in the second quarter. Morse Asset Management Inc now owns 6,500 shares of the real estate investment trust’s stock valued at $429,000 after buying an additional 100 shares during the last quarter. Finally, First Manhattan Co. increased its holdings in W.P. Carey by 0.8% in the second quarter. First Manhattan Co. now owns 14,515 shares of the real estate investment trust’s stock valued at $958,000 after buying an additional 115 shares during the last quarter. 48.76% of the stock is owned by institutional investors and hedge funds.
Shares of W.P. Carey Inc. (NYSE WPC) opened at 68.01 on Wednesday. W.P. Carey Inc. has a 12-month low of $55.77 and a 12-month high of $70.38. The firm’s 50-day moving average is $68.42 and its 200-day moving average is $65.93. The firm has a market cap of $7.27 billion, a PE ratio of 26.19 and a beta of 0.86.
W.P. Carey (NYSE:WPC) last announced its earnings results on Friday, August 4th. The real estate investment trust reported $0.59 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.56). The firm had revenue of $221.52 million during the quarter, compared to analysts’ expectations of $221.19 million. W.P. Carey had a net margin of 34.97% and a return on equity of 8.10%. W.P. Carey’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 earnings per share. Equities analysts expect that W.P. Carey Inc. will post $2.23 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a dividend of $1.005 per share. This is an increase from W.P. Carey’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, September 29th. This represents a $4.02 annualized dividend and a yield of 5.91%. W.P. Carey’s payout ratio is 155.21%.
WPC has been the topic of a number of analyst reports. Evercore ISI cut W.P. Carey from an “in-line” rating to an “underperform” rating and set a $64.00 price target on the stock. in a research note on Monday, June 12th. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of W.P. Carey in a report on Friday, June 16th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $69.00 price objective (up from $59.50) on shares of W.P. Carey in a research report on Friday, June 16th. BidaskClub cut W.P. Carey from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 10th. Finally, ValuEngine upgraded W.P. Carey from a “hold” rating to a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $67.75.
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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