W. P. Carey (NYSE:WPC) PT Lowered to $63.00 at Royal Bank of Canada

W. P. Carey (NYSE:WPC) had its target price dropped by equities researchers at Royal Bank of Canada from $65.00 to $63.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 11.15% from the company’s previous close.

WPC has been the topic of a number of other research reports. Raymond James cut shares of W. P. Carey from an “outperform” rating to a “market perform” rating in a research report on Monday, February 12th. Wells Fargo & Company cut their target price on W. P. Carey from $66.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 20th. StockNews.com started coverage on shares of W. P. Carey in a research report on Thursday, January 4th. They issued a “hold” rating on the stock. Scotiabank lowered their target price on shares of W. P. Carey from $62.00 to $60.00 and set a “sector perform” rating for the company in a research note on Monday, March 4th. Finally, Barclays started coverage on W. P. Carey in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $40.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, W. P. Carey currently has a consensus rating of “Hold” and an average target price of $63.18.

W. P. Carey Price Performance

NYSE:WPC traded up $0.76 during trading hours on Friday, reaching $56.68. The stock had a trading volume of 1,392,501 shares, compared to its average volume of 1,360,679. The stock has a market capitalization of $12.40 billion, a PE ratio of 21.51, a PEG ratio of 0.44 and a beta of 0.86. The company has a 50 day moving average price of $55.86 and a two-hundred day moving average price of $58.83. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.62 and a current ratio of 0.90. W. P. Carey has a 52 week low of $51.36 and a 52 week high of $73.60.

W. P. Carey (NYSE:WPC) last announced its quarterly earnings results on Friday, February 9th. The real estate investment trust reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. W. P. Carey had a net margin of 33.65% and a return on equity of 6.41%. The firm had revenue of $410.38 million during the quarter, compared to the consensus estimate of $413.04 million. During the same quarter last year, the firm earned $1.29 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that W. P. Carey will post 4.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On W. P. Carey

Several institutional investors and hedge funds have recently modified their holdings of WPC. First United Bank & Trust acquired a new position in W. P. Carey in the 4th quarter worth about $27,000. Central Bank & Trust Co. purchased a new position in shares of W. P. Carey during the 4th quarter valued at approximately $28,000. Riverview Trust Co acquired a new position in W. P. Carey during the first quarter worth $28,000. YHB Investment Advisors Inc. acquired a new stake in shares of W. P. Carey in the first quarter valued at about $30,000. Finally, FNY Investment Advisers LLC purchased a new stake in W. P. Carey during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 73.73% of the company’s stock.

About W. P. Carey

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.