Prudential Financial Inc. Has $1.78 Million Stake in WP Carey Inc (WPC)
Prudential Financial Inc. cut its stake in shares of WP Carey Inc (NYSE:WPC) by 76.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,300 shares of the real estate investment trust’s stock after selling 90,300 shares during the period. Prudential Financial Inc.’s holdings in WP Carey were worth $1,784,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Strategic Wealth Partners Ltd. increased its position in shares of WP Carey by 53.3% during the third quarter. Strategic Wealth Partners Ltd. now owns 512 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 178 shares during the period. Baystate Wealth Management LLC bought a new stake in shares of WP Carey during the fourth quarter valued at about $45,000. 1 North Wealth Services LLC bought a new stake in shares of WP Carey during the fourth quarter valued at about $47,000. LifePlan Financial Group Inc bought a new stake in shares of WP Carey during the fourth quarter valued at about $51,000. Finally, Sound Income Strategies LLC increased its position in shares of WP Carey by 842.1% during the fourth quarter. Sound Income Strategies LLC now owns 895 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 800 shares during the period. Hedge funds and other institutional investors own 50.31% of the company’s stock.
Several research analysts recently weighed in on WPC shares. ValuEngine cut shares of WP Carey from a “buy” rating to a “hold” rating in a research report on Friday, December 28th. Zacks Investment Research upgraded shares of WP Carey from a “sell” rating to a “hold” rating in a research report on Saturday, March 2nd. Finally, JPMorgan Chase & Co. started coverage on shares of WP Carey in a research report on Wednesday, December 19th. They issued a “neutral” rating and a $73.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. WP Carey presently has a consensus rating of “Hold” and a consensus price target of $70.81.
WP Carey (NYSE:WPC) last issued its quarterly earnings results on Friday, February 22nd. The real estate investment trust reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.03. WP Carey had a net margin of 49.68% and a return on equity of 9.81%. The business had revenue of $273.40 million for the quarter, compared to analysts’ expectations of $283.87 million. During the same period last year, the business earned $1.18 earnings per share. The business’s quarterly revenue was up 39.0% on a year-over-year basis. As a group, sell-side analysts predict that WP Carey Inc will post 4.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be paid a dividend of $1.032 per share. This represents a $4.13 dividend on an annualized basis and a dividend yield of 5.37%. The ex-dividend date of this dividend is Thursday, March 28th. This is a positive change from WP Carey’s previous quarterly dividend of $1.03. WP Carey’s dividend payout ratio is 76.44%.
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WP Carey Company Profile
Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of approximately $17 billion and a portfolio of operationally-critical commercial real estate that includes 1,186 net lease properties covering approximately 133 million square feet.
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