DnB Asset Management AS grew its position in W. P. Carey Inc. (NYSE:WPC – Get Rating) by 4.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,812 shares of the real estate investment trust’s stock after acquiring an additional 1,251 shares during the quarter. DnB Asset Management AS’s holdings in W. P. Carey were worth $2,553,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its holdings in shares of W. P. Carey by 17.1% in the first quarter. State Street Corp now owns 9,572,789 shares of the real estate investment trust’s stock valued at $783,467,000 after purchasing an additional 1,400,997 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of W. P. Carey by 3.9% in the first quarter. Vanguard Group Inc. now owns 27,334,613 shares of the real estate investment trust’s stock valued at $2,209,731,000 after purchasing an additional 1,016,340 shares during the last quarter. BlackRock Inc. increased its holdings in shares of W. P. Carey by 5.4% in the fourth quarter. BlackRock Inc. now owns 14,112,099 shares of the real estate investment trust’s stock valued at $1,157,897,000 after purchasing an additional 722,076 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of W. P. Carey in the first quarter valued at approximately $42,483,000. Finally, Renaissance Technologies LLC increased its holdings in shares of W. P. Carey by 8,087.2% in the fourth quarter. Renaissance Technologies LLC now owns 319,300 shares of the real estate investment trust’s stock valued at $26,199,000 after purchasing an additional 315,400 shares during the last quarter. Hedge funds and other institutional investors own 64.74% of the company’s stock.
Analyst Ratings Changes
WPC has been the subject of several recent research reports. Evercore ISI set a $89.00 price target on W. P. Carey in a report on Monday, June 20th. StockNews.com cut W. P. Carey from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. Royal Bank of Canada increased their price target on W. P. Carey from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Monday, August 1st. Wolfe Research assumed coverage on W. P. Carey in a research note on Monday, June 27th. They set a “market perform” rating and a $88.00 target price for the company. Finally, Raymond James raised their target price on W. P. Carey from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, July 8th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.80.
W. P. Carey Trading Down 2.4 %
W. P. Carey Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $1.061 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This is a positive change from W. P. Carey’s previous quarterly dividend of $1.06. This represents a $4.24 dividend on an annualized basis and a yield of 5.16%. W. P. Carey’s dividend payout ratio (DPR) is 154.18%.
About W. P. Carey
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.
- Get a free copy of the StockNews.com research report on W. P. Carey (WPC)
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