Truist Financial Corp Sells 32,275 Shares of W. P. Carey Inc. (NYSE:WPC)

Truist Financial Corp reduced its holdings in shares of W. P. Carey Inc. (NYSE:WPC) by 15.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 180,006 shares of the real estate investment trust’s stock after selling 32,275 shares during the period. Truist Financial Corp’s holdings in W. P. Carey were worth $11,666,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in WPC. Daiwa Securities Group Inc. raised its holdings in 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 purchasing an additional 1,124,010 shares during the period. Legal & General Group Plc raised its stake in shares of W. P. Carey by 1.3% in the third quarter. Legal & General Group Plc now owns 2,835,656 shares of the real estate investment trust’s stock worth $153,352,000 after buying an additional 37,055 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of W. P. Carey by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,337,056 shares of the real estate investment trust’s stock valued at $126,388,000 after buying an additional 12,982 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of W. P. Carey by 17.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,285,355 shares of the real estate investment trust’s stock valued at $123,592,000 after acquiring an additional 334,635 shares during the period. Finally, PGGM Investments increased its holdings in W. P. Carey by 7.3% in the 3rd quarter. PGGM Investments now owns 2,108,963 shares of the real estate investment trust’s stock worth $114,053,000 after acquiring an additional 142,649 shares in the last quarter. 73.73% of the stock is currently owned by institutional investors.

W. P. Carey Price Performance

Shares of W. P. Carey stock opened at $54.64 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.89. W. P. Carey Inc. has a 12 month low of $51.36 and a 12 month high of $73.79. The stock has a 50 day moving average of $55.92 and a 200 day moving average of $58.88. The firm has a market cap of $11.96 billion, a PE ratio of 16.56, a PEG ratio of 0.44 and a beta of 0.86.

W. P. Carey (NYSE:WPC) last posted its earnings results on Friday, February 9th. The real estate investment trust reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. W. P. Carey had a return on equity of 7.78% and a net margin of 40.68%. The firm had revenue of $410.38 million during the quarter, compared to the consensus estimate of $413.04 million. During the same period in the prior year, the company earned $1.29 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, research analysts expect that W. P. Carey Inc. will post 4.56 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $0.865 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from W. P. Carey’s previous quarterly dividend of $0.86. This represents a $3.46 dividend on an annualized basis and a dividend yield of 6.33%. W. P. Carey’s payout ratio is 104.85%.

Wall Street Analysts Forecast Growth

WPC has been the topic of several analyst reports. StockNews.com began coverage on shares of W. P. Carey in a report on Thursday, January 4th. They set a “hold” rating on the stock. Wells Fargo & Company dropped their target price on shares of W. P. Carey from $66.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, February 20th. Scotiabank cut their price target on W. P. Carey from $62.00 to $60.00 and set a “sector perform” rating for the company in a research note on Monday, March 4th. Barclays initiated coverage on W. P. Carey in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $40.00 price objective on the stock. Finally, Raymond James cut W. P. Carey from an “outperform” rating to a “market perform” rating in a research report on Monday, February 12th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $63.36.

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.