Envestnet Asset Management Inc. Increases Position in W.P. Carey Inc. (NYSE:WPC)

Envestnet Asset Management Inc. grew its holdings in shares of W.P. Carey Inc. (NYSE:WPC) by 4.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 606,427 shares of the real estate investment trust’s stock after purchasing an additional 26,665 shares during the period. Envestnet Asset Management Inc. owned approximately 0.28% of W.P. Carey worth $38,272,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Proficio Capital Partners LLC bought a new position in W.P. Carey in the 4th quarter worth about $1,428,000. Independent Advisor Alliance grew its holdings in shares of W.P. Carey by 15.4% during the fourth quarter. Independent Advisor Alliance now owns 10,337 shares of the real estate investment trust’s stock valued at $563,000 after buying an additional 1,381 shares during the last quarter. HighTower Advisors LLC increased its position in shares of W.P. Carey by 0.4% during the fourth quarter. HighTower Advisors LLC now owns 44,381 shares of the real estate investment trust’s stock valued at $2,418,000 after acquiring an additional 193 shares in the last quarter. Farther Finance Advisors LLC lifted its position in W.P. Carey by 71.4% in the 4th quarter. Farther Finance Advisors LLC now owns 2,605 shares of the real estate investment trust’s stock valued at $142,000 after acquiring an additional 1,085 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in W.P. Carey by 0.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 63,624 shares of the real estate investment trust’s stock valued at $3,466,000 after purchasing an additional 517 shares during the last quarter. 73.73% of the stock is owned by institutional investors.

W.P. Carey Stock Up 0.5%

WPC opened at $62.81 on Monday. The firm’s 50 day simple moving average is $62.34 and its two-hundred day simple moving average is $60.30. The company has a market capitalization of $13.75 billion, a PE ratio of 32.38, a PEG ratio of 6.99 and a beta of 0.78. W.P. Carey Inc. has a 1-year low of $52.91 and a 1-year high of $66.10. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.92.

W.P. Carey (NYSE:WPC) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $1.17 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.03). The company had revenue of $407.44 million during the quarter, compared to analysts’ expectations of $412.99 million. W.P. Carey had a return on equity of 5.02% and a net margin of 26.66%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $1.14 earnings per share. As a group, equities analysts forecast that W.P. Carey Inc. will post 4.87 EPS for the current year.

W.P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 5.73%. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.89. The ex-dividend date is Monday, June 30th. W.P. Carey’s dividend payout ratio is currently 185.57%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WPC. BNP Paribas set a $66.00 price target on W.P. Carey and gave the stock a “neutral” rating in a research note on Monday, June 9th. Barclays set a $61.00 target price on W.P. Carey and gave the stock an “underweight” rating in a research report on Wednesday, May 21st. Evercore ISI raised their price target on shares of W.P. Carey from $65.00 to $66.00 and gave the company an “in-line” rating in a report on Wednesday, July 2nd. UBS Group decreased their price objective on shares of W.P. Carey from $66.00 to $63.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Finally, BNP Paribas Exane upgraded shares of W.P. Carey from an “underperform” rating to a “neutral” rating and set a $66.00 target price on the stock in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $104.22.

About W.P. Carey

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 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.