W. P. Carey (NYSE:WPC) Given New $63.00 Price Target at Scotiabank

by · The Cerbat Gem

W. P. Carey (NYSE:WPC – Free Report) had its target price hoisted by Scotiabank from $59.00 to $63.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other equities analysts also recently issued reports about the stock. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a report on Thursday, February 13th. Wells Fargo & Company lifted their price objective on shares of W. P. Carey from $58.00 to $66.00 and gave the stock an “equal weight” rating in a report on Monday, March 10th. Royal Bank of Canada lifted their target price on W. P. Carey from $61.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Evercore ISI lifted their target price on W. P. Carey from $60.00 to $64.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Finally, Barclays lifted their target price on W. P. Carey from $56.00 to $60.00 and gave the stock an “underweight” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, W. P. Carey has a consensus rating of “Hold” and a consensus target price of $63.75.

View Our Latest Research Report on W. P. Carey

W. P. Carey Price Performance

WPC opened at $62.64 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market capitalization of $13.71 billion, a price-to-earnings ratio of 29.97, a P/E/G ratio of 1.06 and a beta of 0.95. The firm’s fifty day moving average price is $58.41 and its two-hundred day moving average price is $58.30. W. P. Carey has a 1 year low of $52.91 and a 1 year high of $66.10.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.89 dividend. This is a boost from W. P. Carey’s previous quarterly dividend of $0.88. This represents a $3.56 dividend on an annualized basis and a yield of 5.68%. The ex-dividend date is Monday, March 31st. W. P. Carey’s payout ratio is currently 168.42%.

Institutional Investors Weigh In On W. P. Carey

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BridgePort Financial Solutions LLC bought a new stake in W. P. Carey in the 4th quarter valued at about $1,499,000. B. Riley Wealth Advisors Inc. grew its holdings in W. P. Carey by 5.4% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,165 shares of the real estate investment trust’s stock valued at $341,000 after buying an additional 315 shares in the last quarter. Liberty Square Wealth Partners LLC purchased a new position in W. P. Carey during the 4th quarter valued at about $651,000. Ameriflex Group Inc. purchased a new position in W. P. Carey during the 4th quarter valued at about $105,000. Finally, Mackenzie Financial Corp grew its holdings in W. P. Carey by 63.0% during the 4th quarter. Mackenzie Financial Corp now owns 19,024 shares of the real estate investment trust’s stock valued at $1,036,000 after buying an additional 7,352 shares in the last quarter. 73.73% of the stock is currently owned by institutional investors.

About W. P. Carey

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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.

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