Fortitude Advisory Group L.L.C. Takes Position in W. P. Carey Inc. (NYSE:WPC)

Fortitude Advisory Group L.L.C. acquired a new stake in W. P. Carey Inc. (NYSE:WPC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 3,211 shares of the real estate investment trust’s stock, valued at approximately $208,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Daiwa Securities Group Inc. boosted its stake in shares of W. P. Carey by 44.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,640,966 shares of the real estate investment trust’s stock valued at $235,971,000 after buying an additional 1,124,010 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of W. P. Carey during the 3rd quarter worth about $613,000. Arizona State Retirement System raised its position in shares of W. P. Carey by 0.8% during the 4th quarter. Arizona State Retirement System now owns 58,795 shares of the real estate investment trust’s stock worth $3,811,000 after acquiring an additional 439 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of W. P. Carey by 5.1% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 219,159 shares of the real estate investment trust’s stock worth $11,852,000 after acquiring an additional 10,562 shares in the last quarter. Finally, State of Michigan Retirement System acquired a new stake in shares of W. P. Carey during the 4th quarter worth about $3,403,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

W. P. Carey Price Performance

Shares of W. P. Carey stock traded up $1.65 during trading on Thursday, reaching $56.28. The company’s stock had a trading volume of 178,224 shares, compared to its average volume of 1,340,479. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.89. W. P. Carey Inc. has a 12-month low of $51.36 and a 12-month high of $73.60. The company has a market capitalization of $12.32 billion, a P/E ratio of 20.78, a price-to-earnings-growth ratio of 0.44 and a beta of 0.86. The business has a 50 day moving average price of $55.87 and a 200-day moving average price of $58.85.

W. P. Carey (NYSE:WPC) last posted its earnings results on Friday, February 9th. The real estate investment trust reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $410.38 million for the quarter, compared to the consensus estimate of $413.04 million. W. P. Carey had a return on equity of 6.35% and a net margin of 33.65%. W. P. Carey’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.29 earnings per share. As a group, sell-side analysts anticipate that W. P. Carey Inc. will post 4.56 EPS for the current year.

W. P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.865 dividend. This is an increase from W. P. Carey’s previous quarterly dividend of $0.86. This represents a $3.46 annualized dividend and a dividend yield of 6.15%. The ex-dividend date was Wednesday, March 27th. W. P. Carey’s dividend payout ratio is currently 131.56%.

Wall Street Analyst Weigh In

WPC has been the topic of several research analyst reports. Royal Bank of Canada cut their target price on W. P. Carey from $68.00 to $65.00 and set an “outperform” rating on the stock in a research report on Monday, February 12th. Raymond James lowered W. P. Carey from an “outperform” rating to a “market perform” rating in a research report on Monday, February 12th. StockNews.com assumed coverage on W. P. Carey in a research report on Thursday, January 4th. They set a “hold” rating on the stock. Wells Fargo & Company cut their price target on W. P. Carey from $66.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 20th. Finally, Scotiabank cut their price target on W. P. Carey from $62.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Monday, March 4th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $63.36.

W. P. Carey 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.