W. P. Carey Inc. (NYSE:WPC) Shares Sold by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lowered its position in W. P. Carey Inc. (NYSE:WPC) by 28.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,508 shares of the real estate investment trust’s stock after selling 1,382 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in W. P. Carey were worth $219,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. New York State Teachers Retirement System raised its stake in shares of W. P. Carey by 0.3% in the 3rd quarter. New York State Teachers Retirement System now owns 223,824 shares of the real estate investment trust’s stock valued at $13,944,000 after purchasing an additional 651 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of W. P. Carey by 3.2% during the third quarter. Pathway Financial Advisers LLC now owns 34,352 shares of the real estate investment trust’s stock worth $2,140,000 after purchasing an additional 1,055 shares during the last quarter. GW Henssler & Associates Ltd. bought a new position in shares of W. P. Carey during the third quarter worth about $259,000. Tyche Wealth Partners LLC bought a new position in shares of W. P. Carey during the third quarter worth about $203,000. Finally, Abich Financial Wealth Management LLC lifted its position 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 worth $42,000 after purchasing an additional 641 shares during the last quarter. Institutional investors and hedge funds own 73.73% of the company’s stock.

Insider Buying and Selling at W. P. Carey

In related news, Director Mark A. Alexander acquired 3,500 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $55.87 per share, for a total transaction of $195,545.00. Following the completion of the purchase, the director now directly owns 38,124 shares of the company’s stock, valued at $2,129,987.88. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.08% of the stock is owned by company insiders.

W. P. Carey Price Performance

Shares of NYSE:WPC opened at $55.69 on Friday. The firm’s 50 day moving average is $60.60 and its two-hundred day moving average is $58.18. W. P. Carey Inc. has a 52 week low of $52.67 and a 52 week high of $67.40. The firm has a market capitalization of $12.19 billion, a P/E ratio of 21.93, a PEG ratio of 1.11 and a beta of 0.94. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.94.

W. P. Carey (NYSE:WPC) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.62). W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The firm had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. During the same quarter in the previous year, the business posted $1.32 EPS. W. P. Carey’s revenue for the quarter was down 11.9% compared to the same quarter last year. Analysts anticipate that W. P. Carey Inc. will post 4.52 earnings per share for the current year.

W. P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.875 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.50 annualized dividend and a dividend yield of 6.28%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio (DPR) is presently 137.80%.

Analyst Upgrades and Downgrades

WPC has been the topic of several research analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $63.00 price target (up previously from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. Evercore ISI increased their price target on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Royal Bank of Canada reduced their price target on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. JPMorgan Chase & Co. dropped their price objective on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, UBS Group increased their price objective 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. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, W. P. Carey presently has an average rating of “Hold” and a consensus price target of $63.25.

W. P. Carey Company 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.