Wellington Shields Capital Management LLC raised its stake in shares of WP Carey Inc (NYSE:WPC) by 18.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,341 shares of the real estate investment trust’s stock after purchasing an additional 5,919 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in WP Carey were worth $2,401,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of WPC. Principal Financial Group Inc. increased its position in WP Carey by 8.9% during the 1st quarter. Principal Financial Group Inc. now owns 17,924 shares of the real estate investment trust’s stock valued at $1,111,000 after purchasing an additional 1,460 shares during the period. Millennium Management LLC purchased a new position in WP Carey during the 1st quarter valued at $4,530,000. Trust Co. of Vermont increased its position in WP Carey by 604.0% during the 2nd quarter. Trust Co. of Vermont now owns 5,632 shares of the real estate investment trust’s stock valued at $374,000 after purchasing an additional 4,832 shares during the period. Xact Kapitalforvaltning AB increased its position in WP Carey by 30.0% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,523 shares of the real estate investment trust’s stock valued at $632,000 after purchasing an additional 2,200 shares during the period. Finally, Krueger & Catalano Capital Partners LLC purchased a new position in WP Carey during the 2nd quarter valued at $696,000. 49.26% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have issued reports on WPC shares. Zacks Investment Research raised shares of WP Carey from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Friday, August 31st. ValuEngine raised shares of WP Carey from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. Finally, Bank of America boosted their price objective on shares of WP Carey from $59.00 to $66.25 and gave the company an “underperform” rating in a research report on Monday, August 13th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $70.08.
WP Carey (NYSE:WPC) last released its earnings results on Friday, November 2nd. The real estate investment trust reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.08. The firm had revenue of $209.40 million for the quarter, compared to the consensus estimate of $215.47 million. WP Carey had a net margin of 39.03% and a return on equity of 8.78%. The company’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 EPS. Equities analysts anticipate that WP Carey Inc will post 5.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Monday, October 1st were given a $1.025 dividend. The ex-dividend date of this dividend was Friday, September 28th. This is an increase from WP Carey’s previous quarterly dividend of $1.02. This represents a $4.10 dividend on an annualized basis and a dividend yield of 6.34%. WP Carey’s dividend payout ratio is currently 77.36%.
In other WP Carey news, Director Jean Hoysradt bought 2,300 shares of WP Carey stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average cost of $64.73 per share, with a total value of $148,879.00. Following the transaction, the director now directly owns 9,255 shares of the company’s stock, valued at $599,076.15. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.56% of the stock is owned by corporate insiders.
WP Carey Company Profile
Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of over $11 billion and a portfolio of operationally-critical commercial real estate totaling 878 properties covering approximately 87 million square feet. For over four decades the Company has invested in high-quality single-tenant industrial, warehouse, office and retail properties subject to long-term leases with built-in rent escalators.
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