Principal Financial Group Inc. Sells 10,142 Shares of W.P. Carey Inc. $WPC

by · The Markets Daily

Principal Financial Group Inc. reduced its holdings in W.P. Carey Inc. (NYSE:WPC – Free Report) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 486,273 shares of the real estate investment trust’s stock after selling 10,142 shares during the quarter. Principal Financial Group Inc.’s holdings in W.P. Carey were worth $32,857,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of W.P. Carey by 8.1% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,063 shares of the real estate investment trust’s stock worth $815,000 after purchasing an additional 976 shares during the last quarter. KLP Kapitalforvaltning AS lifted its position in W.P. Carey by 12.8% during the second quarter. KLP Kapitalforvaltning AS now owns 307,300 shares of the real estate investment trust’s stock valued at $19,404,000 after purchasing an additional 34,800 shares during the last quarter. Louisiana State Employees Retirement System grew its position in W.P. Carey by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 61,600 shares of the real estate investment trust’s stock worth $3,843,000 after acquiring an additional 300 shares in the last quarter. REAP Financial Group LLC boosted its holdings in shares of W.P. Carey by 56.4% in the 2nd quarter. REAP Financial Group LLC now owns 660 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 238 shares in the last quarter. Finally, Armstrong Fleming & Moore Inc purchased a new stake in W.P. Carey in the second quarter worth approximately $506,000. Institutional investors own 73.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on WPC. Barclays set a $65.00 price target on shares of W.P. Carey in a research note on Tuesday, January 13th. Royal Bank Of Canada lifted their target price on shares of W.P. Carey from $69.00 to $70.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 7th. Evercore ISI cut their price target on shares of W.P. Carey from $72.00 to $71.00 and set an “in-line” rating for the company in a research report on Monday, December 15th. JPMorgan Chase & Co. reduced their price objective on W.P. Carey from $79.00 to $74.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 9th. Finally, Citigroup boosted their target price on W.P. Carey from $60.00 to $69.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, W.P. Carey has an average rating of “Hold” and an average target price of $69.20.

Check Out Our Latest Stock Analysis on WPC

W.P. Carey Price Performance

WPC stock opened at $71.44 on Friday. The stock has a market capitalization of $15.66 billion, a price-to-earnings ratio of 43.29, a PEG ratio of 5.98 and a beta of 0.78. The firm’s 50-day moving average price is $66.79 and its two-hundred day moving average price is $66.73. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 1.02. W.P. Carey Inc. has a 12-month low of $54.24 and a 12-month high of $71.74.

W.P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a $0.92 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.2%. This is an increase from W.P. Carey’s previous quarterly dividend of $0.91. W.P. Carey’s dividend payout ratio is 223.03%.

About W.P. Carey

(Free Report)

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.

See Also

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