Sound Income Strategies LLC lessened its position in WP Carey Inc (NYSE:WPC) by 62.2% during the third quarter, Holdings Channel reports. The fund owned 369 shares of the real estate investment trust’s stock after selling 608 shares during the quarter. Sound Income Strategies LLC’s holdings in WP Carey were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. TD Asset Management Inc. boosted its position in shares of WP Carey by 3.6% during the 1st quarter. TD Asset Management Inc. now owns 3,994 shares of the real estate investment trust’s stock worth $313,000 after purchasing an additional 137 shares during the period. Parametric Portfolio Associates LLC boosted its position in shares of WP Carey by 14.1% during the 1st quarter. Parametric Portfolio Associates LLC now owns 134,335 shares of the real estate investment trust’s stock worth $10,522,000 after purchasing an additional 16,637 shares during the period. Pictet Asset Management Ltd. boosted its position in shares of WP Carey by 40.1% during the 1st quarter. Pictet Asset Management Ltd. now owns 107,184 shares of the real estate investment trust’s stock worth $8,396,000 after purchasing an additional 30,700 shares during the period. Swiss National Bank boosted its position in shares of WP Carey by 8.8% during the 1st quarter. Swiss National Bank now owns 569,651 shares of the real estate investment trust’s stock worth $44,621,000 after purchasing an additional 46,000 shares during the period. Finally, NumerixS Investment Technologies Inc purchased a new position in shares of WP Carey during the 1st quarter worth approximately $298,000. 56.33% of the stock is currently owned by institutional investors and hedge funds.
WPC stock traded up $0.34 during midday trading on Friday, hitting $91.41. The company’s stock had a trading volume of 10,497 shares, compared to its average volume of 579,947. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.87. WP Carey Inc has a 52-week low of $62.12 and a 52-week high of $92.27. The firm has a market capitalization of $15.55 billion, a P/E ratio of 16.95, a PEG ratio of 6.80 and a beta of 0.44. The firm has a 50-day simple moving average of $89.10 and a 200-day simple moving average of $83.57.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $1.036 dividend. This represents a $4.14 annualized dividend and a yield of 4.53%. The ex-dividend date is Friday, September 27th. This is a boost from WP Carey’s previous quarterly dividend of $1.03. WP Carey’s dividend payout ratio (DPR) is currently 76.81%.
A number of research firms recently weighed in on WPC. Citigroup raised shares of WP Carey from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $59.00 to $81.00 in a research report on Friday, June 7th. Zacks Investment Research reissued a “hold” rating on shares of WP Carey in a research report on Saturday, September 28th. Finally, ValuEngine cut shares of WP Carey from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $77.00.
About WP Carey
W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $17 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,163 net lease properties covering approximately 131 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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