State of Michigan Retirement System Purchases 8,000 Shares of W.P. Carey Inc. $WPC

State of Michigan Retirement System increased its holdings in W.P. Carey Inc. (NYSE:WPC) by 15.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,400 shares of the real estate investment trust’s stock after acquiring an additional 8,000 shares during the period. State of Michigan Retirement System’s holdings in W.P. Carey were worth $3,768,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. TCTC Holdings LLC boosted its position in W.P. Carey by 100.8% in the first quarter. TCTC Holdings LLC now owns 482 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 242 shares during the last quarter. Cheviot Value Management LLC bought a new stake in shares of W.P. Carey during the 1st quarter worth $37,000. V Square Quantitative Management LLC purchased a new position in shares of W.P. Carey in the 2nd quarter worth about $40,000. REAP Financial Group LLC grew its position in W.P. Carey by 56.4% during the second quarter. REAP Financial Group LLC now owns 660 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 238 shares during the period. Finally, Hilltop National Bank bought a new position in W.P. Carey during the second quarter valued at about $43,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WPC has been the topic of several research reports. Evercore ISI lifted their price objective on shares of W.P. Carey from $70.00 to $72.00 and gave the stock an “in-line” rating in a research report on Thursday, October 30th. Wells Fargo & Company raised shares of W.P. Carey from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $68.00 to $72.00 in a report on Thursday, September 11th. Scotiabank upped their price objective on W.P. Carey from $64.00 to $67.00 and gave the company a “sector perform” rating in a research note on Friday, September 5th. UBS Group increased their price objective on W.P. Carey from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, August 15th. Finally, Royal Bank Of Canada boosted their target price on W.P. Carey from $67.00 to $69.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $67.89.

W.P. Carey Trading Up 0.8%

NYSE:WPC opened at $66.48 on Thursday. W.P. Carey Inc. has a 1 year low of $52.91 and a 1 year high of $69.79. The stock’s fifty day moving average price is $67.45 and its two-hundred day moving average price is $64.59. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.25 and a quick ratio of 0.19. The company has a market cap of $14.57 billion, a P/E ratio of 40.29, a P/E/G ratio of 9.57 and a beta of 0.81.

W.P. Carey (NYSE:WPC) last announced its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.02. W.P. Carey had a return on equity of 4.40% and a net margin of 21.75%.The company had revenue of $431.30 million during the quarter, compared to analysts’ expectations of $424.44 million. During the same period in the previous year, the business earned $1.18 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. W.P. Carey has set its FY 2025 guidance at 4.930-4.990 EPS. As a group, analysts expect that W.P. Carey Inc. will post 4.87 EPS for the current year.

W.P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.91 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.90. This represents a $3.64 dividend on an annualized basis and a dividend yield of 5.5%. W.P. Carey’s payout ratio is currently 220.61%.

W.P. Carey Profile

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.