W. P. Carey (NYSE:WPC) Releases Quarterly Earnings Results, Misses Estimates By $0.47 EPS

W. P. Carey (NYSE:WPC) posted its quarterly earnings data on Tuesday. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.47), Yahoo Finance reports. The business had revenue of $389.70 million for the quarter, compared to the consensus estimate of $381.39 million. W. P. Carey had a return on equity of 6.41% and a net margin of 33.65%. The company’s revenue was down 13.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.36 EPS. W. P. Carey updated its FY24 guidance to $4.63-4.73 EPS and its FY 2024 guidance to 4.630-4.730 EPS.

W. P. Carey Stock Down 4.0 %

Shares of W. P. Carey stock traded down $2.41 on Wednesday, reaching $58.39. The stock had a trading volume of 1,162,969 shares, compared to its average volume of 1,296,298. The stock has a market capitalization of $12.78 billion, a P/E ratio of 23.13, a P/E/G ratio of 1.13 and a beta of 0.93. W. P. Carey has a 1 year low of $51.36 and a 1 year high of $68.70. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.87. The company has a 50 day moving average price of $56.80 and a 200 day moving average price of $57.53.

W. P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 5.96%. The ex-dividend date was Friday, June 28th. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s payout ratio is 132.32%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Wells Fargo & Company decreased 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. JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a research note on Friday, June 21st. Royal Bank of Canada decreased their target price on shares of W. P. Carey from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, Scotiabank upped their price target on shares of W. P. Carey from $55.00 to $60.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $61.00.

W. P. Carey Company Profile

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.