WP Carey (NYSE:WPC) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of WP Carey (NYSE:WPC) from a hold rating to a sell rating in a report issued on Saturday morning, Zacks.com reports.

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. “

WPC has been the subject of several other reports. ValuEngine downgraded WP Carey from a buy rating to a hold rating in a report on Friday, August 2nd. BMO Capital Markets began coverage on WP Carey in a research report on Friday, October 25th. They set an outperform rating for the company. Finally, Evercore ISI raised WP Carey from an underperform rating to an in-line rating and set a $88.00 price objective for the company in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. WP Carey has an average rating of Hold and a consensus target price of $79.75.

Shares of WP Carey stock traded up $1.31 during trading hours on Friday, hitting $85.35. The company’s stock had a trading volume of 857,853 shares, compared to its average volume of 843,598. WP Carey has a 12 month low of $63.76 and a 12 month high of $93.62. The stock has a 50 day moving average of $89.88 and a 200 day moving average of $86.07. The company has a market capitalization of $14.48 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 6.64 and a beta of 0.43. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.67 and a quick ratio of 0.67.

WP Carey (NYSE:WPC) last announced its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.91). WP Carey had a return on equity of 5.31% and a net margin of 30.89%. The business had revenue of $318.01 million during the quarter, compared to the consensus estimate of $317.44 million. During the same quarter last year, the company earned $0.70 earnings per share. The firm’s revenue was up 51.9% compared to the same quarter last year. Equities analysts expect that WP Carey will post 4.86 EPS for the current year.

Several hedge funds have recently bought and sold shares of WPC. Centaurus Financial Inc. boosted its position in shares of WP Carey by 65.4% during the first quarter. Centaurus Financial Inc. now owns 2,051 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 811 shares during the period. Private Trust Co. NA boosted its position in shares of WP Carey by 2.1% during the second quarter. Private Trust Co. NA now owns 9,717 shares of the real estate investment trust’s stock worth $788,000 after buying an additional 200 shares during the period. Eii Capital Management Inc. boosted its position in shares of WP Carey by 43.1% during the second quarter. Eii Capital Management Inc. now owns 16,046 shares of the real estate investment trust’s stock worth $1,303,000 after buying an additional 4,835 shares during the period. DNB Asset Management AS boosted its position in shares of WP Carey by 2.0% during the second quarter. DNB Asset Management AS now owns 17,110 shares of the real estate investment trust’s stock worth $1,389,000 after buying an additional 337 shares during the period. Finally, Gulf International Bank UK Ltd boosted its position in WP Carey by 4.0% during the second quarter. Gulf International Bank UK Ltd now owns 39,070 shares of the real estate investment trust’s stock valued at $3,171,000 after purchasing an additional 1,500 shares during the last quarter. 57.42% of the stock is owned by institutional investors.

WP Carey Company Profile

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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