Russell Investments Group Ltd. Sells 409,125 Shares of W. P. Carey Inc. (NYSE:WPC)

Russell Investments Group Ltd. reduced its stake in W. P. Carey Inc. (NYSE:WPC) by 45.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 497,477 shares of the real estate investment trust’s stock after selling 409,125 shares during the quarter. Russell Investments Group Ltd.’s holdings in W. P. Carey were worth $33,610,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Fairfield Bush & CO. bought a new stake in shares of W. P. Carey in the 1st quarter valued at $26,000. Acadian Asset Management LLC acquired a new position in W. P. Carey in the first quarter valued at $26,000. Robbins Farley bought a new stake in W. P. Carey during the first quarter valued at $27,000. ICA Group Wealth Management LLC acquired a new stake in W. P. Carey during the 4th quarter worth about $32,000. Finally, HBC Financial Services PLLC bought a new position in shares of W. P. Carey in the 1st quarter worth about $31,000. 62.62% of the stock is currently owned by institutional investors.

W. P. Carey Stock Performance

Shares of WPC opened at $56.54 on Monday. The firm has a market capitalization of $12.36 billion, a P/E ratio of 15.53, a P/E/G ratio of 6.46 and a beta of 0.84. W. P. Carey Inc. has a 52 week low of $51.36 and a 52 week high of $85.94. The stock has a 50 day moving average price of $55.76 and a two-hundred day moving average price of $63.88. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.12 and a current ratio of 0.12.

W. P. Carey Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a $1.071 dividend. This is a positive change from W. P. Carey’s previous quarterly dividend of $1.07. This represents a $4.28 dividend on an annualized basis and a yield of 7.58%. The ex-dividend date was Thursday, September 28th. W. P. Carey’s dividend payout ratio is presently 117.58%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Royal Bank of Canada decreased their target price on W. P. Carey from $79.00 to $73.00 and set an “outperform” rating for the company in a research note on Tuesday, September 26th. Raymond James reduced their price objective on shares of W. P. Carey from $78.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, October 2nd. BMO Capital Markets downgraded shares of W. P. Carey from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $75.00 to $60.00 in a research report on Tuesday, September 26th. JMP Securities cut shares of W. P. Carey from an “outperform” rating to a “market perform” rating in a report on Monday, November 13th. Finally, StockNews.com initiated coverage on shares of W. P. Carey in a report on Friday, November 3rd. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $66.60.

W. P. Carey Profile

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $23 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,475 net lease properties covering approximately 180 million square feet and a portfolio of 85 self-storage operating properties, as of June 30, 2023.