Allstate Corp Buys New Stake in W.P. Carey Inc. $WPC

Allstate Corp purchased a new position in shares of W.P. Carey Inc. (NYSE:WPC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,799 shares of the real estate investment trust’s stock, valued at approximately $527,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WPC. Austin Private Wealth LLC raised its position in shares of W.P. Carey by 2.1% in the third quarter. Austin Private Wealth LLC now owns 7,654 shares of the real estate investment trust’s stock worth $517,000 after acquiring an additional 161 shares during the period. D.A. Davidson & CO. increased its stake in shares of W.P. Carey by 2.6% in the 3rd quarter. D.A. Davidson & CO. now owns 6,691 shares of the real estate investment trust’s stock valued at $452,000 after purchasing an additional 169 shares in the last quarter. Griffin Asset Management Inc. increased its stake in shares of W.P. Carey by 0.6% in the 2nd quarter. Griffin Asset Management Inc. now owns 32,236 shares of the real estate investment trust’s stock valued at $2,011,000 after purchasing an additional 178 shares in the last quarter. BridgePort Financial Solutions LLC raised its holdings in W.P. Carey by 0.6% in the 2nd quarter. BridgePort Financial Solutions LLC now owns 28,681 shares of the real estate investment trust’s stock worth $1,789,000 after purchasing an additional 180 shares during the period. Finally, Cooper Financial Group boosted its position in W.P. Carey by 1.5% during the second quarter. Cooper Financial Group now owns 12,005 shares of the real estate investment trust’s stock worth $749,000 after purchasing an additional 181 shares in the last quarter. Institutional investors and hedge funds own 73.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Citigroup boosted their price objective on W.P. Carey from $60.00 to $69.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of W.P. Carey in a research report on Wednesday, October 8th. Barclays set a $65.00 price target on shares of W.P. Carey in a research note on Tuesday, January 13th. Royal Bank Of Canada upped their price objective on shares of W.P. Carey from $69.00 to $70.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of W.P. Carey from $79.00 to $74.00 and set an “overweight” rating on the stock in a report on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $68.70.

W.P. Carey Trading Down 1.6%

Shares of WPC stock opened at $68.51 on Friday. W.P. Carey Inc. has a fifty-two week low of $53.93 and a fifty-two week high of $70.28. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.25 and a current ratio of 0.25. The stock’s fifty day moving average is $66.33 and its two-hundred day moving average is $66.23. The firm has a market capitalization of $15.01 billion, a P/E ratio of 41.52, a PEG ratio of 5.94 and a beta of 0.79.

W.P. Carey (NYSE:WPC) last issued its earnings results on Tuesday, October 28th. The real estate investment trust reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.02. The business had revenue of $431.30 million during the quarter, compared to analysts’ expectations of $424.44 million. W.P. Carey had a net margin of 21.75% and a return on equity of 4.40%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.18 earnings per share. W.P. Carey has set its FY 2025 guidance at 4.930-4.990 EPS. Research analysts expect that W.P. Carey Inc. will post 4.87 earnings per share for the current fiscal year.

W.P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date was Wednesday, December 31st. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.91. W.P. Carey’s payout ratio is currently 223.03%.

About W.P. Carey

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.