Corebridge Financial Inc. Lowers Stock Holdings in W. P. Carey Inc. (NYSE:WPC)

Corebridge Financial Inc. lowered its stake in W. P. Carey Inc. (NYSE:WPC) by 4.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 247,618 shares of the real estate investment trust’s stock after selling 11,161 shares during the period. Corebridge Financial Inc.’s holdings in W. P. Carey were worth $13,490,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of W. P. Carey by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 30,820,665 shares of the real estate investment trust’s stock worth $1,679,110,000 after acquiring an additional 242,576 shares during the last quarter. Stevens Capital Management LP purchased a new stake in W. P. Carey during the 4th quarter valued at about $601,000. KLP Kapitalforvaltning AS purchased a new stake in W. P. Carey during the 4th quarter valued at about $6,257,000. Sei Investments Co. increased its stake in W. P. Carey by 17.1% during the 4th quarter. Sei Investments Co. now owns 56,085 shares of the real estate investment trust’s stock valued at $3,056,000 after purchasing an additional 8,197 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in W. P. Carey by 3.2% in the fourth quarter. American Century Companies Inc. now owns 65,385 shares of the real estate investment trust’s stock worth $3,562,000 after buying an additional 2,031 shares during the last quarter. Institutional investors own 73.73% of the company’s stock.

W. P. Carey Trading Up 0.3 %

W. P. Carey stock opened at $61.59 on Wednesday. The business has a 50-day simple moving average of $59.59 and a two-hundred day simple moving average of $58.37. W. P. Carey Inc. has a 52-week low of $52.91 and a 52-week high of $66.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.95. The company has a market cap of $13.48 billion, a P/E ratio of 29.47, a P/E/G ratio of 1.06 and a beta of 0.95.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.89 per share. 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 5.78%. The ex-dividend date of this dividend is Monday, March 31st. W. P. Carey’s dividend payout ratio is currently 170.33%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on WPC shares. Evercore ISI raised their price target on shares of W. P. Carey from $60.00 to $64.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Scotiabank lifted their target price on W. P. Carey from $59.00 to $63.00 and gave the stock a “sector perform” rating in a report on Wednesday, March 12th. Royal Bank of Canada upped their price target on W. P. Carey from $61.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a report on Thursday, February 13th. Finally, Wells Fargo & Company upped their target price on shares of W. P. Carey from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $63.75.

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.