M&T Bank Corp Lowers Position in W. P. Carey Inc. (NYSE:WPC)

M&T Bank Corp lowered its position in W. P. Carey Inc. (NYSE:WPC) by 2.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,455 shares of the real estate investment trust’s stock after selling 650 shares during the period. M&T Bank Corp’s holdings in W. P. Carey were worth $1,773,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV grew its position in shares of W. P. Carey by 35.9% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 651 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 172 shares during the period. Catalytic Wealth RIA LLC increased its stake in shares of W. P. Carey by 5.2% during the second quarter. Catalytic Wealth RIA LLC now owns 4,033 shares of the real estate investment trust’s stock valued at $222,000 after purchasing an additional 198 shares in the last quarter. Kowal Investment Group LLC lifted its holdings in shares of W. P. Carey by 3.4% during the second quarter. Kowal Investment Group LLC now owns 6,070 shares of the real estate investment trust’s stock valued at $334,000 after purchasing an additional 199 shares during the last quarter. Harbour Investments Inc. boosted its position in shares of W. P. Carey by 5.9% in the 3rd quarter. Harbour Investments Inc. now owns 3,626 shares of the real estate investment trust’s stock worth $226,000 after purchasing an additional 203 shares in the last quarter. Finally, Creative Planning grew its stake in shares of W. P. Carey by 0.3% in the 3rd quarter. Creative Planning now owns 64,709 shares of the real estate investment trust’s stock worth $4,031,000 after buying an additional 207 shares during the last quarter. 73.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on WPC. Barclays boosted their target price on W. P. Carey from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. UBS Group cut their price objective on shares of W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Evercore ISI lifted their target price on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $63.00 target price (up previously from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $62.88.

W. P. Carey Price Performance

WPC opened at $57.02 on Friday. The company’s 50-day simple moving average is $57.15 and its two-hundred day simple moving average is $58.01. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $12.48 billion, a P/E ratio of 22.45, a P/E/G ratio of 1.04 and a beta of 0.96. W. P. Carey Inc. has a 52-week low of $53.09 and a 52-week high of $67.40.

W. P. Carey (NYSE:WPC) last issued 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). 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 for the quarter, compared to the consensus estimate of $377.43 million. During the same quarter last year, the company earned $1.32 EPS. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis. As a group, analysts predict that W. P. Carey Inc. will post 4.5 EPS for the current year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.88 dividend. This is an increase from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date is Tuesday, December 31st. This represents a $3.52 dividend on an annualized basis and a yield of 6.17%. W. P. Carey’s dividend payout ratio is currently 138.58%.

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.