W. P. Carey (NYSE:WPC) Issues Quarterly Earnings Results, Misses Estimates By $0.62 EPS

W. P. Carey (NYSE:WPC) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.62), Zacks reports. W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The firm had revenue of $394.78 million for the quarter, compared to analysts’ expectations of $377.43 million. During the same quarter last year, the firm posted $1.32 earnings per share. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. W. P. Carey updated its FY24 guidance to $4.65-4.71 EPS and its FY 2024 guidance to 4.650-4.710 EPS.

W. P. Carey Stock Performance

Shares of NYSE WPC traded down $0.54 during midday trading on Wednesday, hitting $56.16. The company’s stock had a trading volume of 2,128,995 shares, compared to its average volume of 1,212,602. The stock has a fifty day moving average price of $60.65 and a 200 day moving average price of $58.19. The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of 21.37, a P/E/G ratio of 1.11 and a beta of 0.94. W. P. Carey has a one year low of $52.67 and a one year high of $67.40. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.94.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.875 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.50 annualized dividend and a dividend yield of 6.23%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s payout ratio is 133.08%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WPC. Evercore ISI boosted their price target on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Royal Bank of Canada lowered their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Scotiabank lowered their price objective on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th. UBS Group lifted their price objective on shares of W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $63.25.

Insider Buying and Selling

In other news, Director Mark A. Alexander purchased 3,500 shares of the business’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $55.87 per share, with a total value of $195,545.00. Following the acquisition, the director now directly owns 38,124 shares in the company, valued at approximately $2,129,987.88. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.08% of the stock is currently owned by insiders.

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.