Berkshire Asset Management LLC PA raised its holdings in shares of WP Carey Inc (NYSE:WPC) by 3.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 348,446 shares of the real estate investment trust’s stock after purchasing an additional 10,584 shares during the quarter. WP Carey accounts for approximately 1.9% of Berkshire Asset Management LLC PA’s investment portfolio, making the stock its 18th largest holding. Berkshire Asset Management LLC PA owned approximately 0.33% of WP Carey worth $22,409,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in WPC. Massachusetts Financial Services Co. MA bought a new stake in shares of WP Carey in the second quarter valued at about $68,844,000. BlackRock Inc. raised its holdings in shares of 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. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of WP Carey by 2,859.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 97,603 shares of the real estate investment trust’s stock valued at $6,476,000 after acquiring an additional 94,305 shares in the last quarter. Millennium Management LLC bought a new stake in shares of WP Carey in the first quarter valued at about $4,530,000. Finally, Chicago Equity Partners LLC raised its holdings in shares of WP Carey by 61.9% in the second quarter. Chicago Equity Partners LLC now owns 179,765 shares of the real estate investment trust’s stock valued at $11,927,000 after acquiring an additional 68,735 shares in the last quarter. Institutional investors and hedge funds own 48.84% of the company’s stock.
WPC has been the subject of several recent research reports. Zacks Investment Research upgraded WP Carey from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Friday, August 31st. Bank of America lifted their price objective on WP Carey from $59.00 to $66.25 and gave the company an “underperform” rating in a report on Monday, August 13th. Wells Fargo & Co lifted their price objective on WP Carey from $65.00 to $69.00 and gave the company a “market perform” rating in a report on Thursday, June 14th. Finally, ValuEngine downgraded WP Carey from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $71.81.
WP Carey stock traded up $0.24 during trading hours on Friday, reaching $63.17. The stock had a trading volume of 47,106 shares, compared to its average volume of 364,183. The company has a market capitalization of $6.89 billion, a PE ratio of 11.92 and a beta of 0.66. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.19 and a current ratio of 0.19. WP Carey Inc has a 52 week low of $59.23 and a 52 week high of $72.41.
WP Carey (NYSE:WPC) last announced its earnings results on Friday, August 3rd. The real estate investment trust reported $0.70 EPS for the quarter, missing the Zacks’ consensus estimate of $1.20 by ($0.50). The firm had revenue of $201.14 million during the quarter, compared to the consensus estimate of $213.21 million. WP Carey had a return on equity of 8.51% and a net margin of 38.18%. The business’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 earnings per share. On average, equities analysts predict that WP Carey Inc will post 5.26 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be issued a $1.025 dividend. The ex-dividend date of this dividend is Friday, September 28th. This is an increase from WP Carey’s previous quarterly dividend of $1.02. This represents a $4.10 dividend on an annualized basis and a yield of 6.49%. WP Carey’s payout ratio is currently 77.36%.
WP Carey Profile
W.P. Carey, Inc is a real estate investment trust. It operates through two segment: Real Estate Ownership and Investment Management. The Real Estate Ownership segment owns and invests in commercial real estate properties. The Investment Management segment structures and negotiates investments and debt placement transactions for the real estate investment trusts, and manages portfolios of real estate investments.
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