Truist Financial Corp Lowers Stake in W. P. Carey Inc. (NYSE:WPC)

Truist Financial Corp cut its stake in W. P. Carey Inc. (NYSE:WPC) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 189,878 shares of the real estate investment trust’s stock after selling 5,450 shares during the period. Truist Financial Corp owned about 0.09% of W. P. Carey worth $10,453,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. bought a new position in W. P. Carey in the 1st quarter worth about $26,000. Massmutual Trust Co. FSB ADV increased its holdings in W. P. Carey by 93.1% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 479 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 231 shares during the period. Allspring Global Investments Holdings LLC raised its position in W. P. Carey by 1,510.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 453 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of W. P. Carey in the 1st quarter worth $28,000. Finally, YHB Investment Advisors Inc. bought a new position in shares of W. P. Carey during the 1st quarter worth $30,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on WPC shares. JPMorgan Chase & Co. decreased their price objective on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, July 12th. UBS Group upped their price target on shares of W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Scotiabank dropped their price objective on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company reissued an “equal weight” rating and issued a $63.00 price objective (up previously from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Finally, Evercore ISI increased their target price on W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $61.25.

W. P. Carey Stock Down 1.2 %

W. P. Carey stock opened at $60.25 on Friday. The business has a fifty day moving average price of $60.11 and a 200-day moving average price of $57.79. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.93 and a quick ratio of 1.93. W. P. Carey Inc. has a 1-year low of $51.36 and a 1-year high of $67.40. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 22.91, a PEG ratio of 1.18 and a beta of 0.94.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.47). W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The company had revenue of $389.70 million during the quarter, compared to analysts’ expectations of $381.39 million. During the same period in the prior year, the business posted $1.36 EPS. The company’s quarterly revenue was down 13.9% on a year-over-year basis. Equities research analysts forecast that W. P. Carey Inc. will post 4.52 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.875 dividend. This represents a $3.50 annualized dividend and a dividend yield of 5.81%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Monday, September 30th. W. P. Carey’s dividend payout ratio (DPR) is presently 133.08%.

Insider Buying and Selling

In other W. P. Carey news, Director Mark A. Alexander acquired 3,500 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were acquired at an average cost of $55.87 per share, with a total value of $195,545.00. Following the acquisition, the director now directly owns 38,124 shares of the company’s stock, valued at approximately $2,129,987.88. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.08% 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.