W. P. Carey (NYSE:WPC) Updates FY 2024 Earnings Guidance

W. P. Carey (NYSE:WPC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.650-4.710 for the period, compared to the consensus estimate of 4.740. The company issued revenue guidance of -. W. P. Carey also updated its FY24 guidance to $4.65-4.71 EPS.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $63.00 price objective (up previously from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. Royal Bank of Canada cut their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Scotiabank reduced their price objective on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Evercore ISI boosted their target price on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, W. P. Carey currently has a consensus rating of “Hold” and an average price target of $63.25.

W. P. Carey Stock Performance

Shares of NYSE WPC traded down $0.50 during mid-day trading on Thursday, reaching $55.69. 1,742,832 shares of the company’s stock were exchanged, compared to its average volume of 1,215,116. The firm has a 50-day moving average price of $60.60 and a two-hundred day moving average price of $58.18. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.93 and a quick ratio of 1.93. The firm has a market capitalization of $12.19 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 1.11 and a beta of 0.94. W. P. Carey has a 52 week low of $52.67 and a 52 week high of $67.40.

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

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.875 dividend. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.28%. The ex-dividend date of this dividend was Monday, September 30th. W. P. Carey’s dividend payout ratio (DPR) is 137.80%.

Insider Buying and Selling at W. P. Carey

In other W. P. Carey news, Director Mark A. Alexander acquired 3,500 shares of the stock in a transaction dated Friday, August 9th. The stock was purchased at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the acquisition, the director now owns 38,124 shares in the company, valued at $2,129,987.88. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 1.08% of the stock is currently owned by company 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.