W. P. Carey (NYSE:WPC) Releases FY 2024 Earnings Guidance

W. P. Carey (NYSE:WPC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.650-4.750 for the period, compared to the consensus estimate of 4.720. The company issued revenue guidance of -. W. P. Carey also updated its FY24 guidance to $4.65 to $4.75 EPS.

W. P. Carey Price Performance

NYSE:WPC traded down $0.85 during midday trading on Tuesday, hitting $54.85. 1,195,701 shares of the stock were exchanged, compared to its average volume of 1,349,982. W. P. Carey has a one year low of $51.36 and a one year high of $74.66. The company has a market capitalization of $12.00 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 0.44 and a beta of 0.86. The business has a 50-day moving average price of $55.96 and a two-hundred day moving average price of $58.88. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.89.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings results on Friday, February 9th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.14. The company had revenue of $410.38 million for the quarter, compared to analysts’ expectations of $413.04 million. W. P. Carey had a return on equity of 7.78% and a net margin of 40.68%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.29 earnings per share. Sell-side analysts predict that W. P. Carey will post 4.56 EPS for the current year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.865 per share. This is an increase from W. P. Carey’s previous quarterly dividend of $0.86. This represents a $3.46 annualized dividend and a yield of 6.31%. The ex-dividend date of this dividend was Wednesday, March 27th. W. P. Carey’s payout ratio is 104.85%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WPC shares. Barclays started coverage on shares of W. P. Carey in a research note on Wednesday, March 27th. They issued an equal weight rating and a $40.00 price target on the stock. StockNews.com started coverage on shares of W. P. Carey in a research note on Thursday, January 4th. They issued a hold rating on the stock. Royal Bank of Canada dropped their price target on shares of W. P. Carey from $68.00 to $65.00 and set an outperform rating on the stock in a research note on Monday, February 12th. Scotiabank lowered their target price on shares of W. P. Carey from $62.00 to $60.00 and set a sector perform rating on the stock in a research report on Monday, March 4th. Finally, Wells Fargo & Company lowered their target price on shares of W. P. Carey from $66.00 to $61.00 and set an equal weight rating on the stock in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $63.36.

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.