W.P. Carey Inc. $WPC Shares Sold by Carnegie Lake Advisors LLC

Carnegie Lake Advisors LLC trimmed its holdings in W.P. Carey Inc. (NYSE:WPC) by 88.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,885 shares of the real estate investment trust’s stock after selling 14,401 shares during the quarter. Carnegie Lake Advisors LLC’s holdings in W.P. Carey were worth $122,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of WPC. M Holdings Securities Inc. acquired a new stake in W.P. Carey in the 3rd quarter valued at about $218,000. Parallel Advisors LLC boosted its holdings in shares of W.P. Carey by 4.1% during the 3rd quarter. Parallel Advisors LLC now owns 4,182 shares of the real estate investment trust’s stock worth $270,000 after purchasing an additional 163 shares during the last quarter. Ashton Thomas Private Wealth LLC grew its position in shares of W.P. Carey by 4.8% in the third quarter. Ashton Thomas Private Wealth LLC now owns 65,827 shares of the real estate investment trust’s stock valued at $4,254,000 after purchasing an additional 3,000 shares in the last quarter. Kestra Advisory Services LLC grew its position in shares of W.P. Carey by 1.4% in the third quarter. Kestra Advisory Services LLC now owns 108,795 shares of the real estate investment trust’s stock valued at $7,031,000 after purchasing an additional 1,456 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its position in shares of W.P. Carey by 58.7% in the third quarter. Chicago Partners Investment Group LLC now owns 8,893 shares of the real estate investment trust’s stock valued at $568,000 after purchasing an additional 3,288 shares in the last quarter. 73.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WPC shares. Barclays reduced their price objective on W.P. Carey from $80.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 20th. Wells Fargo & Company dropped their target price on W.P. Carey from $80.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Weiss Ratings cut W.P. Carey from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating on shares of W.P. Carey in a research note on Wednesday, October 28th. Finally, Jefferies Financial Group started coverage on W.P. Carey in a report on Tuesday, September 22nd. They set a “buy” rating and a $73.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.79.

W.P. Carey Stock Performance

NYSE:WPC opened at $65.04 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.21 and a quick ratio of 0.21. The firm has a market capitalization of $14.97 billion, a price-to-earnings ratio of 22.43, a PEG ratio of 2.80 and a beta of 0.75. The company’s 50-day moving average is $65.93 and its two-hundred day moving average is $70.72. W.P. Carey Inc. has a 1-year low of $62.19 and a 1-year high of $77.22.

W.P. Carey (NYSE:WPC) last announced its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.09). The firm had revenue of $468.30 million for the quarter, compared to analyst estimates of $457.57 million. W.P. Carey had a return on equity of 7.67% and a net margin of 35.60%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 EPS. Analysts forecast that W.P. Carey Inc. will post 5.07 EPS for the current year.

W.P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.95 dividend. This is a boost from W.P. Carey’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Wednesday, September 30th. W.P. Carey’s payout ratio is currently 131.03%.

W.P. Carey Company Profile

W.P. Carey Inc is a real estate investment trust that owns and manages commercial properties leased to businesses under long-term net leases. Under these arrangements, tenants typically pay property expenses such as taxes, insurance and maintenance in addition to rent.

The company’s portfolio focuses primarily on industrial and warehouse properties, along with retail and self-storage facilities. Its properties serve tenants in the United States and Europe. In 2023, W.P. Carey separated its office properties into a new, publicly traded company as part of a shift toward its other property types.

Founded in 1973 by William Polk Carey, the company converted to a REIT in 2012.