W. P. Carey (NYSE:WPC) Announces Earnings Results

W. P. Carey (NYSE:WPC) announced its earnings results on Tuesday. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.62), Zacks reports. W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The firm had revenue of $394.78 million during the quarter, compared to analysts’ expectations of $377.43 million. During the same period in the previous year, the business posted $1.32 earnings per share. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. W. P. Carey updated its FY24 guidance to $4.65-4.71 EPS and its FY 2024 guidance to 4.650-4.710 EPS.

W. P. Carey Price Performance

NYSE WPC traded down $0.54 on Wednesday, reaching $56.16. The company had a trading volume of 2,128,995 shares, compared to its average volume of 1,212,602. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $12.29 billion, a PE ratio of 21.37, a price-to-earnings-growth ratio of 1.11 and a beta of 0.94. The firm’s 50 day moving average price is $60.65 and its 200 day moving average price is $58.19. W. P. Carey has a 12 month low of $52.67 and a 12 month high of $67.40.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a dividend yield of 6.23%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Monday, September 30th. W. P. Carey’s dividend payout ratio (DPR) is presently 133.08%.

Analyst Ratings Changes

A number of analysts have commented on WPC shares. Barclays upped their target price on shares of W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Scotiabank decreased their price target on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Royal Bank of Canada decreased their price target on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Evercore ISI increased their price target on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, W. P. Carey presently has a consensus rating of “Hold” and an average target price of $63.25.

Insider Buying and Selling at W. P. Carey

In related news, Director Mark A. Alexander purchased 3,500 shares of W. P. Carey stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the acquisition, the director now owns 38,124 shares in the company, valued at approximately $2,129,987.88. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.08% of the stock is currently owned by insiders.

W. P. Carey Company 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.