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

Mackenzie Financial Corp decreased its position in W. P. Carey Inc. (NYSE:WPC) by 7.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,448 shares of the real estate investment trust’s stock after selling 950 shares during the quarter. Mackenzie Financial Corp’s holdings in W. P. Carey were worth $685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of WPC. Cohen & Steers Inc. boosted its holdings in W. P. Carey by 91.9% during the 4th quarter. Cohen & Steers Inc. now owns 11,290,841 shares of the real estate investment trust’s stock valued at $731,800,000 after acquiring an additional 5,407,289 shares during the period. Equity Investment Corp acquired a new position in shares of W. P. Carey in the first quarter worth $59,802,000. Vanguard Group Inc. increased its position in shares of W. P. Carey by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 30,784,040 shares of the real estate investment trust’s stock worth $1,995,114,000 after acquiring an additional 657,188 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of W. P. Carey by 22.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,240,705 shares of the real estate investment trust’s stock valued at $178,401,000 after acquiring an additional 588,636 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in W. P. Carey by 185.7% in the second quarter. Hsbc Holdings PLC now owns 684,355 shares of the real estate investment trust’s stock valued at $37,631,000 after purchasing an additional 444,785 shares during the period. 73.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at W. P. Carey

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

W. P. Carey Price Performance

Shares of WPC opened at $60.25 on Friday. 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 cap of $13.18 billion, a PE ratio of 22.91, a price-to-earnings-growth ratio of 1.18 and a beta of 0.94. The firm has a fifty day moving average price of $60.12 and a 200 day moving average price of $57.74.

W. P. Carey (NYSE:WPC) last announced its 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). The firm had revenue of $389.70 million during the quarter, compared to analyst estimates of $381.39 million. W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The firm’s revenue for the quarter was down 13.9% compared to the same quarter last year. During the same period last year, the company earned $1.36 earnings per share. As a group, sell-side analysts anticipate that W. P. Carey Inc. will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.875 dividend. This represents a $3.50 dividend on an annualized basis 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 payout ratio is presently 133.08%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WPC. Wells Fargo & Company restated an “equal weight” rating and set a $63.00 price target (up previously from $62.00) on shares of W. P. Carey in a report on Tuesday. UBS Group lifted 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 note 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 report on Wednesday, August 7th. JMP Securities restated a “market perform” rating on shares of W. P. Carey in a report on Friday, June 21st. Finally, JPMorgan Chase & Co. lowered their target price on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, W. P. Carey currently has an average rating of “Hold” and a consensus target price of $61.25.

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.