Scotiabank Cuts W.P. Carey (NYSE:WPC) Price Target to $68.00

W.P. Carey (NYSE:WPC) had its target price decreased by Scotiabank from $76.00 to $68.00 in a research report sent to investors on Thursday, MarketBeat Ratings reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

WPC has been the topic of several other reports. Wolfe Research upgraded shares of W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a research report on Monday, June 8th. Benchmark started coverage on W.P. Carey in a report on Tuesday. They issued a “buy” rating for the company. Wells Fargo & Company raised their target price on W.P. Carey from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. BNP Paribas Exane upgraded W.P. Carey from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $73.00 to $88.00 in a report on Wednesday, July 29th. Finally, Bank of America raised W.P. Carey from an “underperform” rating to a “neutral” rating and upped their price target for the company from $73.00 to $83.00 in a research report on Tuesday, June 16th. Nine analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.14.

W.P. Carey Trading Up 0.2%

Shares of WPC opened at $66.06 on Thursday. The business’s 50-day moving average price is $71.00 and its 200 day moving average price is $71.91. The stock has a market capitalization of $15.05 billion, a P/E ratio of 22.55, a P/E/G ratio of 3.28 and a beta of 0.75. W.P. Carey has a 1-year low of $63.08 and a 1-year high of $77.22. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01.

W.P. Carey Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.8%. This is a boost from W.P. Carey’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Wednesday, September 30th. W.P. Carey’s dividend payout ratio (DPR) is currently 128.33%.

Institutional Trading of W.P. Carey

A number of institutional investors have recently bought and sold shares of WPC. BlackRock Inc. acquired a new position in W.P. Carey in the 2nd quarter worth about $2,371,801,000. Geode Capital Management LLC lifted its holdings in shares of W.P. Carey by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,795,604 shares of the real estate investment trust’s stock valued at $307,913,000 after buying an additional 110,306 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of W.P. Carey by 4.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,348,132 shares of the real estate investment trust’s stock valued at $227,539,000 after buying an additional 155,857 shares in the last quarter. Legal & General Group Plc bought a new stake in shares of W.P. Carey in the 2nd quarter valued at approximately $189,315,000. Finally, Norges Bank acquired a new position in W.P. Carey in the fourth quarter worth approximately $184,035,000. Institutional investors and hedge funds own 73.73% of the company’s stock.

W.P. Carey Company Profile

W.P. Carey Inc (NYSE: WPC) is a diversified real estate investment trust that owns and manages a portfolio of commercial properties leased to companies under long-term, primarily net lease agreements. Under these arrangements, tenants generally assume responsibility for property taxes, insurance and maintenance, allowing W.P. Carey to generate contractual rental income.

The company invests in and provides sale-leaseback and build-to-suit financing solutions for businesses. Its portfolio has historically included industrial and warehouse facilities, retail properties, office buildings, self-storage facilities and other commercial real estate.