Cornerstone Wealth Management LLC lessened its stake in WP Carey Inc (NYSE:WPC) by 20.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,924 shares of the real estate investment trust’s stock after selling 13,415 shares during the period. Cornerstone Wealth Management LLC’s holdings in WP Carey were worth $760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in WP Carey by 1.7% in the second quarter. BlackRock Inc. now owns 7,228,551 shares of the real estate investment trust’s stock valued at $479,613,000 after acquiring an additional 124,191 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in WP Carey by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,584,041 shares of the real estate investment trust’s stock valued at $105,101,000 after acquiring an additional 45,940 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in WP Carey by 0.4% in the third quarter. DAVENPORT & Co LLC now owns 1,076,625 shares of the real estate investment trust’s stock valued at $69,238,000 after acquiring an additional 4,362 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in WP Carey in the second quarter valued at $68,844,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in WP Carey by 7.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 530,827 shares of the real estate investment trust’s stock valued at $35,221,000 after acquiring an additional 35,785 shares in the last quarter. Institutional investors own 48.81% of the company’s stock.
WPC has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of WP Carey from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research note on Saturday, July 7th. Bank of America upped their price objective on shares of WP Carey from $59.00 to $66.25 and gave the company an “underperform” rating in a research note on Monday, August 13th. Finally, ValuEngine downgraded shares of WP Carey from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. WP Carey has an average rating of “Hold” and an average target price of $70.08.
WP Carey (NYSE:WPC) last announced its earnings results on Friday, November 2nd. The real estate investment trust reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. WP Carey had a net margin of 38.18% and a return on equity of 8.51%. The business had revenue of $209.40 million during the quarter, compared to the consensus estimate of $215.47 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The business’s quarterly revenue was down .6% compared to the same quarter last year. On average, sell-side analysts anticipate that WP Carey Inc will post 5.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Monday, October 1st were paid a dividend of $1.025 per share. This is an increase from WP Carey’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend was Friday, September 28th. This represents a $4.10 annualized dividend and a dividend yield of 6.25%. WP Carey’s dividend payout ratio is 77.36%.
About WP Carey
Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of over $11 billion and a portfolio of operationally-critical commercial real estate totaling 878 properties covering approximately 87 million square feet. For over four decades the Company has invested in high-quality single-tenant industrial, warehouse, office and retail properties subject to long-term leases with built-in rent escalators.
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