W. P. Carey (NYSE:WPC) Issues Quarterly Earnings Results

W. P. Carey (NYSE:WPC) issued its earnings results on Tuesday. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62), Zacks reports. The company had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. The firm’s revenue was down 11.9% compared to the same quarter last year. During the same period last year, the business earned $1.32 earnings per share. W. P. Carey updated its FY24 guidance to $4.65-4.71 EPS and its FY 2024 guidance to 4.650-4.710 EPS.

W. P. Carey Stock Down 0.9 %

Shares of WPC opened at $55.69 on Friday. The company’s 50-day simple moving average is $60.60 and its 200-day simple moving average is $58.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.93 and a current ratio of 1.00. W. P. Carey has a 1 year low of $52.67 and a 1 year high of $67.40. The stock has a market capitalization of $12.19 billion, a PE ratio of 21.93, a P/E/G ratio of 1.05 and a beta of 0.94.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.875 per share. The ex-dividend date of this dividend was Monday, September 30th. 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 yield of 6.28%. W. P. Carey’s dividend payout ratio is 137.80%.

Insider Transactions at W. P. Carey

In related news, Director Mark A. Alexander bought 3,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the acquisition, the director now owns 38,124 shares in the company, valued at approximately $2,129,987.88. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $63.00 target price (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Scotiabank reduced their price target on shares of 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. UBS Group increased their price objective on W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Barclays lifted their target price on W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada lowered their price target on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.25.

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.