W. P. Carey (NYSE:WPC) Price Target Lowered to $68.00 at JPMorgan Chase & Co.

W. P. Carey (NYSE:WPC) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $70.00 to $68.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 15.78% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Barclays began coverage on shares of W. P. Carey in a report on Wednesday, March 27th. They set an “equal weight” rating and a $40.00 price objective on the stock. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a research note on Friday, June 21st. Wells Fargo & Company lowered their target price on W. P. Carey from $61.00 to $60.00 and set an “equal weight” rating on the stock in a report on Thursday, May 30th. Scotiabank increased their price target on W. P. Carey from $55.00 to $60.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. Finally, UBS Group started coverage on W. P. Carey in a research report on Friday, May 31st. They set a “neutral” rating and a $57.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.45.

W. P. Carey Stock Performance

WPC stock traded up $1.17 during midday trading on Friday, hitting $58.73. 572,472 shares of the stock traded hands, compared to its average volume of 1,316,573. The firm has a market cap of $12.85 billion, a P/E ratio of 22.33, a PEG ratio of 1.02 and a beta of 0.93. W. P. Carey has a 1-year low of $51.36 and a 1-year high of $73.38. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s fifty day simple moving average is $56.61 and its 200-day simple moving average is $58.22.

Hedge Funds Weigh In On W. P. Carey

Several institutional investors have recently modified their holdings of WPC. Daiwa Securities Group Inc. boosted its holdings in W. P. Carey by 44.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 3,640,966 shares of the real estate investment trust’s stock valued at $235,971,000 after purchasing an additional 1,124,010 shares during the period. Norges Bank purchased a new position in shares of W. P. Carey in the 4th quarter valued at about $157,107,000. Russell Investments Group Ltd. grew its position in shares of W. P. Carey by 99.7% during the fourth quarter. Russell Investments Group Ltd. now owns 351,187 shares of the real estate investment trust’s stock worth $22,810,000 after buying an additional 175,347 shares in the last quarter. Principal Securities Inc. purchased a new stake in shares of W. P. Carey during the fourth quarter worth approximately $951,000. Finally, M&T Bank Corp raised its holdings in W. P. Carey by 2.7% in the fourth quarter. M&T Bank Corp now owns 31,191 shares of the real estate investment trust’s stock valued at $2,024,000 after acquiring an additional 825 shares in the last quarter. Institutional investors and hedge funds own 73.73% of the company’s stock.

About W. P. Carey

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.