Legacy Financial Advisors Inc. lifted its holdings in WP Carey Inc (NYSE:WPC) by 94.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,787 shares of the real estate investment trust’s stock after acquiring an additional 13,500 shares during the quarter. WP Carey makes up approximately 0.6% of Legacy Financial Advisors Inc.’s holdings, making the stock its 16th largest holding. Legacy Financial Advisors Inc.’s holdings in WP Carey were worth $1,786,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings 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 worth $1,111,000 after buying an additional 1,460 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in WP Carey during the 1st quarter worth $243,000. Millennium Management LLC acquired a new position in WP Carey during the 1st quarter worth $4,530,000. Legal & General Group Plc lifted its holdings in WP Carey by 11.7% during the 1st quarter. Legal & General Group Plc now owns 387,280 shares of the real estate investment trust’s stock worth $24,007,000 after buying an additional 40,631 shares in the last quarter. Finally, Xact Kapitalforvaltning AB lifted its holdings in WP Carey by 69.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 7,323 shares of the real estate investment trust’s stock worth $454,000 after buying an additional 3,000 shares in the last quarter. 48.81% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on WPC. Zacks Investment Research raised WP Carey from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a report on Saturday, July 7th. Bank of America upped their target price 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. Finally, ValuEngine upgraded shares of WP Carey from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $70.08.
WP Carey (NYSE:WPC) last announced its earnings results on Friday, August 3rd. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.20 by ($0.50). The company had revenue of $201.14 million during the quarter, compared to analyst estimates of $213.21 million. WP Carey had a return on equity of 8.51% and a net margin of 38.18%. WP Carey’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.38 earnings per share. Equities research analysts forecast that WP Carey Inc will post 5.26 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Monday, October 1st were paid a $1.025 dividend. The ex-dividend date of this dividend was Friday, September 28th. This is a positive change from WP Carey’s previous quarterly dividend of $1.02. This represents a $4.10 dividend on an annualized basis and a yield of 6.08%. WP Carey’s dividend payout ratio is presently 77.36%.
WP Carey 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.
Recommended Story: What is a Tariff?
Receive News & Ratings for WP Carey Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WP Carey and related companies with MarketBeat.com's FREE daily email newsletter.