W. P. Carey (NYSE:WPC) Issues FY24 Earnings Guidance

W. P. Carey (NYSE:WPC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $4.65-4.71 for the period, compared to the consensus EPS estimate of $4.72. W. P. Carey also updated its FY 2024 guidance to 4.650-4.710 EPS.

Wall Street Analyst Weigh In

A number of research firms have commented on WPC. JPMorgan Chase & Co. dropped their price objective on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company restated an “equal weight” rating and issued a $63.00 price objective (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Scotiabank dropped their price objective on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Evercore ISI lifted their price objective on shares of W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, UBS Group boosted their price target on shares of W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $63.25.

W. P. Carey Price Performance

WPC stock traded down $0.54 during trading on Wednesday, reaching $56.16. 2,128,995 shares of the company were exchanged, compared to its average volume of 1,212,602. The company has a market cap of $12.29 billion, a P/E ratio of 21.37, a PEG ratio of 1.11 and a beta of 0.94. W. P. Carey has a 52-week low of $52.67 and a 52-week high of $67.40. The stock’s 50 day moving average price is $60.65 and its 200 day moving average price is $58.19. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.93 and a current ratio of 1.93.

W. P. Carey (NYSE:WPC) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.47). The company had revenue of $389.70 million for the quarter, compared to analysts’ expectations of $381.39 million. W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The firm’s quarterly revenue was down 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.36 EPS. As a group, analysts predict that W. P. Carey will post 4.52 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.875 per share. The ex-dividend date was Monday, September 30th. This represents a $3.50 dividend on an annualized basis and a yield of 6.23%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s payout ratio is currently 133.08%.

Insider Buying and Selling

In other W. P. Carey news, Director Mark A. Alexander purchased 3,500 shares of W. P. Carey stock in a transaction on Friday, August 9th. The shares were bought at an average price of $55.87 per share, with a total value of $195,545.00. Following the completion of the acquisition, the director now directly owns 38,124 shares of the company’s stock, valued at approximately $2,129,987.88. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.08% of the stock is owned by insiders.

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.