Harbor Investment Advisory LLC increased its holdings in W. P. Carey Inc. (NYSE:WPC – Get Rating) by 11.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,957 shares of the real estate investment trust’s stock after purchasing an additional 1,406 shares during the quarter. Harbor Investment Advisory LLC’s holdings in W. P. Carey were worth $974,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of W. P. Carey by 37.9% in the second quarter. JPMorgan Chase & Co. now owns 6,799,295 shares of the real estate investment trust’s stock worth $563,389,000 after acquiring an additional 1,868,954 shares in the last quarter. Deutsche Bank AG increased its position in shares of W. P. Carey by 452.5% in the second quarter. Deutsche Bank AG now owns 1,868,285 shares of the real estate investment trust’s stock worth $154,806,000 after acquiring an additional 1,530,147 shares in the last quarter. State Street Corp increased its position in shares of W. P. Carey by 17.1% in the first quarter. State Street Corp now owns 9,572,789 shares of the real estate investment trust’s stock worth $783,467,000 after acquiring an additional 1,400,997 shares in the last quarter. Vanguard Group Inc. increased its position in shares of W. P. Carey by 3.9% in the first quarter. Vanguard Group Inc. now owns 27,334,613 shares of the real estate investment trust’s stock worth $2,209,731,000 after acquiring an additional 1,016,340 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of W. P. Carey by 2,629.0% in the second quarter. Russell Investments Group Ltd. now owns 702,610 shares of the real estate investment trust’s stock worth $58,290,000 after acquiring an additional 676,864 shares in the last quarter. 62.73% of the stock is currently owned by institutional investors.
W. P. Carey Stock Performance
WPC stock opened at $83.14 on Friday. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $17.30 billion, a price-to-earnings ratio of 32.99, a P/E/G ratio of 13.19 and a beta of 0.73. W. P. Carey Inc. has a 12 month low of $67.76 and a 12 month high of $89.63. The firm has a 50 day moving average of $79.55 and a two-hundred day moving average of $80.27.
W. P. Carey Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were given a $1.065 dividend. This represents a $4.26 annualized dividend and a yield of 5.12%. This is an increase from W. P. Carey’s previous quarterly dividend of $1.06. The ex-dividend date was Thursday, December 29th. W. P. Carey’s payout ratio is currently 169.05%.
Wall Street Analyst Weigh In
A number of brokerages recently commented on WPC. Evercore ISI lowered their price objective on shares of W. P. Carey from $90.00 to $87.00 in a research report on Tuesday, September 27th. StockNews.com began coverage on shares of W. P. Carey in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Capital One Financial reaffirmed an “overweight” rating on shares of W. P. Carey in a research report on Monday, December 5th. Raymond James boosted their price objective on shares of W. P. Carey from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, December 19th. Finally, JMP Securities lowered their price objective on shares of W. P. Carey from $93.00 to $86.00 and set a “market outperform” rating on the stock in a research report on Monday, October 24th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.
W. P. Carey Company Profile
W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators.
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