Sonora Investment Management Group LLC Acquires 467 Shares of W. P. Carey Inc. (NYSE:WPC)

Sonora Investment Management Group LLC boosted its holdings in shares of W. P. Carey Inc. (NYSE:WPC) by 0.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 158,512 shares of the real estate investment trust’s stock after purchasing an additional 467 shares during the period. Sonora Investment Management Group LLC’s holdings in W. P. Carey were worth $8,636,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of W. P. Carey by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,573,938 shares of the real estate investment trust’s stock valued at $284,426,000 after purchasing an additional 127,477 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in W. P. Carey by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,598,618 shares of the real estate investment trust’s stock valued at $161,894,000 after buying an additional 103,147 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of W. P. Carey by 660.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,054,080 shares of the real estate investment trust’s stock worth $127,969,000 after buying an additional 1,784,131 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of W. P. Carey by 21.1% during the third quarter. JPMorgan Chase & Co. now owns 1,514,049 shares of the real estate investment trust’s stock worth $94,325,000 after buying an additional 264,230 shares in the last quarter. Finally, Equity Investment Corp lifted its stake in shares of W. P. Carey by 0.7% in the 3rd quarter. Equity Investment Corp now owns 1,481,627 shares of the real estate investment trust’s stock valued at $92,305,000 after acquiring an additional 9,610 shares during the last quarter. 73.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WPC. Barclays reaffirmed an “underweight” rating and issued a $59.00 target price (up previously from $56.00) on shares of W. P. Carey in a report on Tuesday, December 17th. Scotiabank cut their target price on shares of W. P. Carey from $60.00 to $59.00 and set a “sector perform” rating on the stock in a research report on Thursday, January 16th. UBS Group cut their price target on shares of W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Finally, JMP Securities restated a “market perform” rating on shares of W. P. Carey in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.43.

W. P. Carey Stock Performance

WPC opened at $55.62 on Friday. The company has a market cap of $12.17 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 0.99 and a beta of 0.97. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.90. W. P. Carey Inc. has a 1-year low of $52.91 and a 1-year high of $64.26. The company’s fifty day moving average price is $55.46 and its two-hundred day moving average price is $57.80.

W. P. Carey (NYSE:WPC) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62). The company had revenue of $394.78 million during the quarter, compared to the consensus estimate of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.32 EPS. On average, analysts expect that W. P. Carey Inc. will post 4.49 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.88 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.52 annualized dividend and a dividend yield of 6.33%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.88. W. P. Carey’s dividend payout ratio is currently 138.58%.

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.