Spirit of America Management Corp NY cut its holdings in WP Carey Inc (NYSE:WPC) by 9.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,055 shares of the real estate investment trust’s stock after selling 3,065 shares during the period. Spirit of America Management Corp NY’s holdings in WP Carey were worth $1,927,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Pin Oak Investment Advisors Inc. bought a new position in shares of WP Carey in the 4th quarter worth about $120,000. Bruderman Asset Management LLC bought a new position in shares of WP Carey in the 1st quarter worth about $123,000. Centaurus Financial Inc. bought a new position in shares of WP Carey in the 1st quarter worth about $133,000. Neuburgh Advisers LLC bought a new position in shares of WP Carey in the 1st quarter worth about $143,000. Finally, Clearwater Capital Advisors LLC bought a new position in shares of WP Carey in the 1st quarter worth about $147,000. 49.44% of the stock is owned by hedge funds and other institutional investors.
WPC has been the subject of several research reports. Zacks Investment Research downgraded WP Carey from a “hold” rating to a “sell” rating in a research note on Wednesday, June 13th. Wells Fargo & Co raised their target price on WP Carey from $65.00 to $69.00 and gave the company a “market perform” rating in a research note on Thursday, June 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $73.33.
Shares of WPC opened at $67.06 on Wednesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.33 and a quick ratio of 0.33. The stock has a market capitalization of $7.26 billion, a PE ratio of 12.65, a PEG ratio of 3.77 and a beta of 0.74. WP Carey Inc has a one year low of $59.23 and a one year high of $72.41.
WP Carey (NYSE:WPC) last issued its earnings results on Friday, May 4th. The real estate investment trust reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.07. The company had revenue of $201.81 million during the quarter, compared to the consensus estimate of $212.23 million. WP Carey had a return on equity of 8.33% and a net margin of 38.04%. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period last year, the business posted $1.25 EPS. sell-side analysts forecast that WP Carey Inc will post 5.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Stockholders of record on Friday, June 29th will be paid a $1.02 dividend. The ex-dividend date is Thursday, June 28th. This is an increase from WP Carey’s previous quarterly dividend of $1.02. This represents a $4.08 annualized dividend and a dividend yield of 6.08%. WP Carey’s dividend payout ratio (DPR) is currently 76.98%.
In other news, insider Arjun Mahalingam sold 614 shares of the firm’s stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $66.56, for a total value of $40,867.84. Following the completion of the sale, the insider now directly owns 2,272 shares in the company, valued at approximately $151,224.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.56% of the company’s stock.
WP Carey Company Profile
Celebrating its 45th anniversary, W. P. Carey Inc is a leading internally-managed net lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions primarily for companies in the U.S. and Europe. At December 31, 2017, the Company had an enterprise value of approximately $11.5 billion.
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