JPMorgan Chase & Co. Buys 264,230 Shares of W. P. Carey Inc. (NYSE:WPC)

JPMorgan Chase & Co. grew its stake in shares of W. P. Carey Inc. (NYSE:WPC) by 21.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,514,049 shares of the real estate investment trust’s stock after purchasing an additional 264,230 shares during the quarter. JPMorgan Chase & Co.’s holdings in W. P. Carey were worth $94,325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its stake in W. P. Carey by 1,510.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 453 shares during the period. Quarry LP lifted its holdings in shares of W. P. Carey by 175.9% during the second quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 357 shares in the last quarter. Maia Wealth LLC bought a new stake in shares of W. P. Carey in the third quarter valued at about $40,000. Massmutual Trust Co. FSB ADV grew its stake in shares of W. P. Carey by 35.9% in the third quarter. Massmutual Trust Co. FSB ADV now owns 651 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 172 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its position in W. P. Carey by 2,374.1% during the third quarter. Abich Financial Wealth Management LLC now owns 668 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 641 shares during the period. Institutional investors own 73.73% of the company’s stock.

W. P. Carey Stock Performance

NYSE:WPC opened at $54.29 on Friday. W. P. Carey Inc. has a twelve month low of $53.09 and a twelve month high of $67.40. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.90. The stock’s 50-day simple moving average is $55.83 and its 200 day simple moving average is $57.85. The firm has a market capitalization of $11.88 billion, a PE ratio of 21.37, a price-to-earnings-growth ratio of 1.04 and a beta of 0.96.

W. P. Carey (NYSE:WPC) last posted its quarterly 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 analyst estimates of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.32 earnings per share. On average, analysts anticipate that W. P. Carey Inc. will post 4.5 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 6.48%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Tuesday, December 31st. W. P. Carey’s dividend payout ratio is presently 138.58%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on WPC. Wells Fargo & Company reissued an “equal weight” rating and issued a $63.00 price objective (up previously from $62.00) on shares of W. P. Carey in a report on Tuesday, October 1st. Barclays reiterated an “underweight” rating and issued a $59.00 price target (up from $56.00) on shares of W. P. Carey in a research note on Tuesday, December 17th. UBS Group lowered their price objective on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Evercore ISI lifted their price objective on W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $63.25.

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.