W. P. Carey (NYSE:WPC) Issues Quarterly Earnings Results, Beats Expectations By $0.14 EPS

W. P. Carey (NYSE:WPCGet Free Report) released its earnings results on Friday. The real estate investment trust reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14, RTT News reports. The company had revenue of $410.38 million during the quarter, compared to the consensus estimate of $413.04 million. W. P. Carey had a return on equity of 8.43% and a net margin of 44.67%. W. P. Carey’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.29 EPS. W. P. Carey updated its FY24 guidance to $4.65-4.75 EPS and its FY 2024 guidance to 4.650-4.750 EPS.

W. P. Carey Trading Down 6.5 %

Shares of NYSE:WPC opened at $57.38 on Monday. The company has a market cap of $12.55 billion, a P/E ratio of 17.39, a PEG ratio of 7.26 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.12 and a quick ratio of 0.12. W. P. Carey has a 1 year low of $51.36 and a 1 year high of $85.36. The stock’s fifty day moving average price is $64.23 and its 200-day moving average price is $61.24.

W. P. Carey Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date was Thursday, December 28th. W. P. Carey’s payout ratio is currently 104.24%.

Wall Street Analyst Weigh In

WPC has been the subject of a number of recent research reports. StockNews.com began coverage on W. P. Carey in a research report on Thursday, January 4th. They issued a “hold” rating for the company. Royal Bank of Canada boosted their target price on W. P. Carey from $66.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, January 11th. Raymond James cut W. P. Carey from an “outperform” rating to a “market perform” rating in a research note on Monday. Finally, JMP Securities cut W. P. Carey from an “outperform” rating to a “market perform” rating in a research note on Monday, November 13th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $66.60.

Get Our Latest Research Report on WPC

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WPC. Chilton Capital Management LLC bought a new position in W. P. Carey in the first quarter valued at about $73,000. CENTRAL TRUST Co lifted its holdings in W. P. Carey by 30.3% in the third quarter. CENTRAL TRUST Co now owns 990 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 230 shares during the period. Covestor Ltd lifted its holdings in W. P. Carey by 38.5% in the first quarter. Covestor Ltd now owns 813 shares of the real estate investment trust’s stock valued at $66,000 after acquiring an additional 226 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in W. P. Carey by 20.6% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 786 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 134 shares during the period. Finally, ICA Group Wealth Management LLC lifted its holdings in W. P. Carey by 85.2% in the first quarter. ICA Group Wealth Management LLC now owns 761 shares of the real estate investment trust’s stock valued at $59,000 after acquiring an additional 350 shares during the period. 62.62% of the stock is owned by institutional investors.

About W. P. Carey

(Get Free Report)

Celebrating its 50th anniversary, 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 1,413 net lease properties covering approximately 171 million square feet and a portfolio of 86 self-storage operating properties, pro forma for the Spin-Off of NLOP, as of September 30, 2023.

See Also

Earnings History for W. P. Carey (NYSE:WPC)

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