WP Carey (NYSE:WPC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “
A number of other research analysts have also commented on the company. ValuEngine upgraded WP Carey from a “sell” rating to a “hold” rating in a research note on Thursday, October 11th. Bank of America upped their target price on WP Carey from $59.00 to $66.25 and gave the company an “underperform” rating in a research note on Monday, August 13th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. WP Carey presently has an average rating of “Hold” and a consensus price target of $70.08.
WP Carey (NYSE:WPC) last issued its earnings results on Friday, August 3rd. The real estate investment trust reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.50). The firm had revenue of $201.14 million during the quarter, compared to analyst estimates of $213.21 million. WP Carey had a net margin of 38.18% and a return on equity of 8.51%. The business’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.38 earnings per share. Equities analysts anticipate that WP Carey will post 5.26 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in WPC. GSA Capital Partners LLP acquired a new position in WP Carey during the first quarter worth $293,000. Principal Financial Group Inc. raised its stake in WP Carey by 8.9% during the first quarter. Principal Financial Group Inc. now owns 17,924 shares of the real estate investment trust’s stock worth $1,111,000 after acquiring an additional 1,460 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in WP Carey during the first quarter worth $243,000. Amundi Pioneer Asset Management Inc. raised its stake in WP Carey by 49.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 122,166 shares of the real estate investment trust’s stock worth $7,573,000 after acquiring an additional 40,499 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in WP Carey during the first quarter worth $4,530,000. Hedge funds and other institutional investors own 48.83% of the company’s stock.
WP Carey Company Profile
Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of over $11 billion and a portfolio of operationally-critical commercial real estate totaling 878 properties covering approximately 87 million square feet. For over four decades the Company has invested in high-quality single-tenant industrial, warehouse, office and retail properties subject to long-term leases with built-in rent escalators.
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