Cornerstone Wealth Management LLC Increases Holdings in W. P. Carey Inc. (NYSE:WPC)

Cornerstone Wealth Management LLC lifted its position in W. P. Carey Inc. (NYSE:WPC) by 3.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,530 shares of the real estate investment trust’s stock after purchasing an additional 673 shares during the period. Cornerstone Wealth Management LLC’s holdings in W. P. Carey were worth $1,046,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Dupree Financial Group LLC boosted its holdings in shares of W. P. Carey by 0.6% in the first quarter. Dupree Financial Group LLC now owns 96,169 shares of the real estate investment trust’s stock valued at $5,428,000 after purchasing an additional 529 shares during the period. Norden Group LLC bought a new position in W. P. Carey in the first quarter worth approximately $277,000. Naviter Wealth LLC raised its stake in W. P. Carey by 17.4% in the first quarter. Naviter Wealth LLC now owns 18,116 shares of the real estate investment trust’s stock worth $1,038,000 after buying an additional 2,691 shares in the last quarter. State of Michigan Retirement System raised its stake in W. P. Carey by 2.3% in the first quarter. State of Michigan Retirement System now owns 53,700 shares of the real estate investment trust’s stock worth $3,031,000 after buying an additional 1,200 shares in the last quarter. Finally, Kowal Investment Group LLC raised its stake in W. P. Carey by 44.2% in the first quarter. Kowal Investment Group LLC now owns 5,871 shares of the real estate investment trust’s stock worth $331,000 after buying an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 73.73% of the company’s stock.

W. P. Carey Stock Performance

Shares of NYSE WPC traded down $0.13 during mid-day trading on Thursday, hitting $54.89. The stock had a trading volume of 587,453 shares, compared to its average volume of 1,354,819. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.90 and a current ratio of 0.90. The company has a 50 day moving average of $56.60 and a two-hundred day moving average of $58.55. W. P. Carey Inc. has a twelve month low of $51.36 and a twelve month high of $73.38. The firm has a market cap of $12.01 billion, a PE ratio of 20.88, a PEG ratio of 1.02 and a beta of 0.93.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.87 dividend. This represents a $3.48 annualized dividend and a dividend yield of 6.34%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Friday, June 28th. W. P. Carey’s dividend payout ratio is presently 132.32%.

Analyst Ratings Changes

A number of equities analysts recently commented on WPC shares. Scotiabank boosted their price objective on shares of W. P. Carey from $55.00 to $60.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Wells Fargo & Company reduced their price objective on shares of W. P. Carey from $61.00 to $60.00 and set an “equal weight” rating for the company in a research note on Thursday, May 30th. Royal Bank of Canada reduced their price objective on shares of W. P. Carey from $65.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a research report on Friday, June 21st. Finally, UBS Group initiated coverage on W. P. Carey in a research report on Friday, May 31st. They set a “neutral” rating and a $57.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.70.

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.