W. P. Carey Inc. (NYSE:WPC) Shares Purchased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC boosted its stake in W. P. Carey Inc. (NYSE:WPC) by 9.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,174 shares of the real estate investment trust’s stock after buying an additional 431 shares during the period. Cornerstone Wealth Group LLC’s holdings in W. P. Carey were worth $292,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Daiwa Securities Group Inc. lifted its holdings in shares of W. P. Carey by 44.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,640,966 shares of the real estate investment trust’s stock worth $235,971,000 after acquiring an additional 1,124,010 shares during the last quarter. Norges Bank acquired a new position in W. P. Carey during the fourth quarter worth $157,107,000. Russell Investments Group Ltd. boosted its position in shares of W. P. Carey by 99.7% during the fourth quarter. Russell Investments Group Ltd. now owns 351,187 shares of the real estate investment trust’s stock worth $22,810,000 after buying an additional 175,347 shares during the period. Principal Securities Inc. acquired a new stake in shares of W. P. Carey in the fourth quarter valued at $951,000. Finally, M&T Bank Corp raised its holdings in shares of W. P. Carey by 2.7% in the 4th quarter. M&T Bank Corp now owns 31,191 shares of the real estate investment trust’s stock valued at $2,024,000 after buying an additional 825 shares during the period. Institutional investors and hedge funds own 73.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on WPC. JMP Securities restated a “market perform” rating on shares of W. P. Carey in a report on Friday, June 21st. Barclays assumed coverage on shares of W. P. Carey in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $40.00 price objective for the company. UBS Group started coverage on shares of W. P. Carey in a report on Friday, May 31st. They set a “neutral” rating and a $57.00 target price on the stock. Royal Bank of Canada dropped their price target on shares of W. P. Carey from $65.00 to $63.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Finally, Wells Fargo & Company reduced their price objective on W. P. Carey from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, W. P. Carey currently has a consensus rating of “Hold” and an average price target of $59.70.

W. P. Carey Stock Up 0.5 %

NYSE WPC traded up $0.27 during trading on Friday, reaching $55.05. 2,302,715 shares of the company’s stock were exchanged, compared to its average volume of 1,437,634. The company has a 50 day moving average price of $56.69 and a two-hundred day moving average price of $58.77. The stock has a market cap of $12.05 billion, a P/E ratio of 20.93, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. W. P. Carey Inc. has a 1 year low of $51.36 and a 1 year high of $73.38. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.90 and a current ratio of 0.90.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.87 per share. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.48 annualized dividend and a yield of 6.32%. W. P. Carey’s payout ratio is presently 131.56%.

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.