W. P. Carey (NYSE:WPC) Lowered to Hold at Zacks Investment Research

W. P. Carey (NYSE:WPCGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “

Several other equities research analysts have also issued reports on WPC. JMP Securities began coverage on shares of W. P. Carey in a research note on Tuesday. They set an “outperform” rating and a $87.00 target price on the stock. Bank of America upgraded W. P. Carey from an “underperform” rating to a “neutral” rating in a research note on Thursday, January 20th. StockNews.com upgraded W. P. Carey from a “hold” rating to a “buy” rating in a report on Wednesday, May 4th. Finally, Raymond James initiated coverage on W. P. Carey in a report on Thursday, April 14th. They issued an “outperform” rating and a $90.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $88.71.

WPC traded up $1.37 during midday trading on Thursday, reaching $78.52. The company’s stock had a trading volume of 22,588 shares, compared to its average volume of 935,298. The firm has a market capitalization of $15.15 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 7.82 and a beta of 0.70. The stock’s 50-day moving average is $81.09 and its 200-day moving average is $79.20. W. P. Carey has a 1 year low of $71.72 and a 1 year high of $86.48. The company has a current ratio of 0.20, a quick ratio of 0.17 and a debt-to-equity ratio of 0.82.

W. P. Carey (NYSE:WPCGet Rating) last issued its quarterly earnings results on Friday, April 29th. The real estate investment trust reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.39. The business had revenue of $344.10 million for the quarter, compared to the consensus estimate of $340.96 million. W. P. Carey had a net margin of 37.65% and a return on equity of 6.88%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, equities research analysts forecast that W. P. Carey will post 5.24 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley lifted its position in shares of W. P. Carey by 22.1% during the second quarter. Morgan Stanley now owns 1,124,027 shares of the real estate investment trust’s stock valued at $83,875,000 after purchasing an additional 203,575 shares in the last quarter. Moors & Cabot Inc. grew its stake in shares of W. P. Carey by 111.7% in the third quarter. Moors & Cabot Inc. now owns 51,000 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 26,904 shares during the last quarter. Los Angeles Capital Management LLC raised its position in W. P. Carey by 5.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 6,576 shares of the real estate investment trust’s stock valued at $480,000 after purchasing an additional 315 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in W. P. Carey by 31.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 44,564 shares of the real estate investment trust’s stock worth $3,256,000 after purchasing an additional 10,721 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of W. P. Carey by 23.2% during the 3rd quarter. Mackenzie Financial Corp now owns 16,148 shares of the real estate investment trust’s stock worth $1,179,000 after acquiring an additional 3,038 shares during the period. Hedge funds and other institutional investors own 58.86% of the company’s stock.

W. P. Carey Company Profile (Get Rating)

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators.

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