Evercore ISI Boosts W. P. Carey (NYSE:WPC) Price Target to $66.00

W. P. Carey (NYSE:WPC) had its price target lifted by Evercore ISI from $63.00 to $66.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on WPC. Wells Fargo & Company upped their price target on W. P. Carey from $60.00 to $62.00 and gave the stock an equal weight rating in a research note on Monday, August 26th. JMP Securities reiterated a market perform rating on shares of W. P. Carey in a report on Friday, June 21st. Royal Bank of Canada reduced their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an outperform rating for the company in a research note on Thursday, August 1st. UBS Group raised their target price on shares of W. P. Carey from $57.00 to $63.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Finally, Scotiabank dropped their target price on shares of W. P. Carey from $61.00 to $60.00 and set a sector perform rating on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $60.30.

W. P. Carey Trading Up 0.5 %

Shares of NYSE WPC opened at $63.55 on Monday. The business has a 50 day simple moving average of $59.16 and a 200 day simple moving average of $57.29. W. P. Carey has a 52 week low of $51.36 and a 52 week high of $67.40. The stock has a market cap of $13.91 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 1.16 and a beta of 0.94. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.93 and a current ratio of 1.93.

W. P. Carey (NYSE:WPC) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.47). W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The business had revenue of $389.70 million during the quarter, compared to the consensus estimate of $381.39 million. During the same period in the prior year, the firm earned $1.36 earnings per share. The business’s revenue was down 13.9% on a year-over-year basis. On average, research analysts predict that W. P. Carey will post 4.52 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Mark A. Alexander bought 3,500 shares of W. P. Carey stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average price of $55.87 per share, for a total transaction of $195,545.00. Following the completion of the purchase, the director now owns 38,124 shares in the company, valued at $2,129,987.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WPC. Vanguard Group Inc. increased its holdings in W. P. Carey by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 30,971,062 shares of the real estate investment trust’s stock valued at $1,748,007,000 after buying an additional 187,022 shares during the period. Cohen & Steers Inc. increased its stake in W. P. Carey by 91.9% in the fourth quarter. Cohen & Steers Inc. now owns 11,290,841 shares of the real estate investment trust’s stock valued at $731,800,000 after acquiring an additional 5,407,289 shares during the period. Massachusetts Financial Services Co. MA raised its position in W. P. Carey by 22.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,240,705 shares of the real estate investment trust’s stock worth $178,401,000 after purchasing an additional 588,636 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in W. P. Carey by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,152,879 shares of the real estate investment trust’s stock worth $173,570,000 after purchasing an additional 204,064 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in W. P. Carey by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 2,524,490 shares of the real estate investment trust’s stock valued at $138,973,000 after purchasing an additional 7,549 shares in the last quarter. 73.73% of the stock is currently owned by institutional investors and hedge funds.

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.