W. P. Carey (NYSE:WPC) Updates FY24 Earnings Guidance

W. P. Carey (NYSE:WPC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.65-4.71 for the period, compared to the consensus estimate of $4.72. W. P. Carey also updated its FY 2024 guidance to 4.650-4.710 EPS.

W. P. Carey Stock Performance

Shares of NYSE WPC traded down $0.50 during mid-day trading on Thursday, hitting $55.69. The company had a trading volume of 1,742,832 shares, compared to its average volume of 1,215,116. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.94. W. P. Carey has a 1 year low of $52.67 and a 1 year high of $67.40. The company has a market capitalization of $12.19 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 1.11 and a beta of 0.94. The stock’s 50-day moving average price is $60.60 and its 200-day moving average price is $58.18.

W. P. Carey (NYSE:WPC) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62). The firm had revenue of $394.78 million for the quarter, compared to analysts’ expectations of $377.43 million. W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.32 earnings per share. On average, sell-side analysts forecast that W. P. Carey will post 4.52 earnings per share for the current year.

W. P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.875 per share. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date was Monday, September 30th. This represents a $3.50 annualized dividend and a dividend yield of 6.28%. W. P. Carey’s payout ratio is presently 137.80%.

Wall Street Analyst Weigh In

WPC has been the subject of a number of research reports. Wells Fargo & Company reissued an “equal weight” rating and issued a $63.00 price target (up previously from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Scotiabank reduced their price objective on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada dropped their target price on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Evercore ISI increased their price target on shares of W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Finally, Barclays raised their price objective on W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, W. P. Carey presently has a consensus rating of “Hold” and an average target price of $63.25.

Insider Buying and Selling

In other news, Director Mark A. Alexander purchased 3,500 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the completion of the transaction, the director now directly owns 38,124 shares of the company’s stock, valued at $2,129,987.88. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.08% of the stock is owned by insiders.

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.