Scotiabank Issues Pessimistic Forecast for W. P. Carey (NYSE:WPC) Stock Price

W. P. Carey (NYSE:WPC) had its price target reduced by equities researchers at Scotiabank from $60.00 to $59.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target points to a potential upside of 5.71% from the company’s previous close.

A number of other research analysts also recently issued reports on WPC. JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a research note on Friday, January 10th. Barclays restated an “underweight” rating and issued a $59.00 target price (up previously from $56.00) on shares of W. P. Carey in a report on Tuesday, December 17th. Wells Fargo & Company restated an “equal weight” rating and set a $63.00 price target (up from $62.00) on shares of W. P. Carey in a report on Tuesday, October 1st. Finally, UBS Group reduced their price objective on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.43.

W. P. Carey Price Performance

Shares of WPC opened at $55.81 on Thursday. The business has a 50-day simple moving average of $55.51 and a two-hundred day simple moving average of $57.81. W. P. Carey has a 12-month low of $52.91 and a 12-month high of $66.42. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.90. The stock has a market cap of $12.21 billion, a PE ratio of 21.97, a PEG ratio of 0.97 and a beta of 0.97.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62). The company had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The business’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.32 earnings per share. Analysts anticipate that W. P. Carey will post 4.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On W. P. Carey

A number of large investors have recently modified their holdings of the company. Quarry LP boosted its stake in W. P. Carey by 175.9% during the second quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 357 shares during the period. Maia Wealth LLC purchased a new position in W. P. Carey in the 3rd quarter worth $40,000. Massmutual Trust Co. FSB ADV lifted its stake in W. P. Carey by 35.9% in the third quarter. Massmutual Trust Co. FSB ADV now owns 651 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 172 shares during the last quarter. Abich Financial Wealth Management LLC grew its stake in shares of W. P. Carey by 2,374.1% during the third quarter. Abich Financial Wealth Management LLC now owns 668 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 641 shares during the last quarter. Finally, Fortitude Family Office LLC increased its holdings in shares of W. P. Carey by 962.5% in the third quarter. Fortitude Family Office LLC now owns 680 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 616 shares during the period. 73.73% of the stock is currently owned by institutional investors.

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.