W. P. Carey (NYSE:WPC) Releases Earnings Results

W. P. Carey (NYSE:WPCGet Free Report) issued its earnings results on Friday. The real estate investment trust reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.14, RTT News reports. The business had revenue of $410.38 million for the quarter, compared to analysts’ expectations of $413.04 million. W. P. Carey had a return on equity of 8.43% and a net margin of 44.67%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.29 EPS. W. P. Carey updated its FY24 guidance to $4.65-4.75 EPS and its FY 2024 guidance to 4.650-4.750 EPS.

W. P. Carey Trading Down 6.5 %

WPC stock traded down $3.97 during midday trading on Friday, hitting $57.38. The stock had a trading volume of 3,734,699 shares, compared to its average volume of 1,304,474. The firm has a market cap of $12.55 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 7.76 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.12 and a quick ratio of 0.12. W. P. Carey has a 12-month low of $51.36 and a 12-month high of $85.36. The company’s 50-day moving average price is $64.23 and its 200 day moving average price is $61.40.

W. P. Carey Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were paid a $0.86 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $3.44 annualized dividend and a yield of 6.00%. W. P. Carey’s payout ratio is currently 94.51%.

Hedge Funds Weigh In On W. P. Carey

A number of hedge funds have recently made changes to their positions in WPC. Fairfield Bush & CO. acquired a new position in shares of W. P. Carey in the 1st quarter valued at $26,000. American Century Companies Inc. acquired a new position in shares of W. P. Carey in the 1st quarter valued at $488,000. Natixis Advisors L.P. acquired a new position in shares of W. P. Carey during the 1st quarter valued at $1,016,000. Acadian Asset Management LLC acquired a new position in shares of W. P. Carey during the 1st quarter valued at $26,000. Finally, MetLife Investment Management LLC acquired a new position in shares of W. P. Carey during the 1st quarter valued at $305,000. Institutional investors and hedge funds own 62.62% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Raymond James upped their price target on W. P. Carey from $63.00 to $68.00 and gave the stock an “outperform” rating in a research note on Monday, January 8th. StockNews.com initiated coverage on shares of W. P. Carey in a research note on Thursday, January 4th. They set a “hold” rating for the company. Royal Bank of Canada raised their price objective on shares of W. P. Carey from $66.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, January 11th. Finally, JMP Securities downgraded shares of W. P. Carey from an “outperform” rating to a “market perform” rating in a research report on Monday, November 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $66.60.

Get Our Latest Stock Analysis on WPC

About W. P. Carey

(Get Free Report)

Celebrating its 50th anniversary, 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 1,413 net lease properties covering approximately 171 million square feet and a portfolio of 86 self-storage operating properties, pro forma for the Spin-Off of NLOP, as of September 30, 2023.

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Earnings History for W. P. Carey (NYSE:WPC)

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