Pinnacle Financial Partners Inc Acquires 1,400 Shares of W. P. Carey Inc. (NYSE:WPC)

Pinnacle Financial Partners Inc lifted its stake in W. P. Carey Inc. (NYSE:WPC) by 14.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,050 shares of the real estate investment trust’s stock after purchasing an additional 1,400 shares during the period. Pinnacle Financial Partners Inc’s holdings in W. P. Carey were worth $688,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in shares of W. P. Carey by 649.4% during the third quarter. Victory Capital Management Inc. now owns 553,879 shares of the real estate investment trust’s stock worth $34,507,000 after acquiring an additional 479,973 shares during the period. First Heartland Consultants Inc. purchased a new position in W. P. Carey during the 3rd quarter worth $208,000. Ashton Thomas Private Wealth LLC increased its holdings in W. P. Carey by 36.0% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 27,859 shares of the real estate investment trust’s stock worth $1,736,000 after purchasing an additional 7,367 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in W. P. Carey by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 650,609 shares of the real estate investment trust’s stock valued at $40,533,000 after purchasing an additional 8,049 shares in the last quarter. Finally, Apollon Financial LLC purchased a new stake in shares of W. P. Carey in the 3rd quarter worth $366,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

W. P. Carey Trading Down 1.0 %

Shares of NYSE:WPC opened at $54.84 on Friday. The business’s 50 day moving average price is $59.63 and its 200-day moving average price is $58.19. W. P. Carey Inc. has a 1 year low of $53.09 and a 1 year high of $67.40. The firm has a market capitalization of $12.00 billion, a price-to-earnings ratio of 21.59, a price-to-earnings-growth ratio of 1.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.00 and a quick ratio of 1.00.

W. P. Carey (NYSE:WPC) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.62). W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The company had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. During the same quarter last year, the business earned $1.32 EPS. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. On average, equities research analysts forecast that W. P. Carey Inc. will post 4.52 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.875 dividend. This represents a $3.50 annualized dividend and a dividend yield of 6.38%. The ex-dividend date was Monday, September 30th. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio (DPR) is 137.80%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group lowered their price objective on shares of W. P. Carey from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday. 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. Royal Bank of Canada reduced their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Barclays increased their target price on W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Finally, Evercore ISI boosted their price target on 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. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, W. P. Carey currently has a consensus rating of “Hold” and a consensus target price of $62.88.

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.