W. P. Carey (NYSE:WPC) Posts Quarterly Earnings Results, Misses Estimates By $0.62 EPS

W. P. Carey (NYSE:WPC) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.62), Zacks reports. The company had revenue of $394.78 million during the quarter, compared to the consensus estimate of $377.43 million. W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The business’s revenue was down 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.32 EPS. 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 Stock Down 1.0 %

Shares of WPC traded down $0.54 during trading hours on Wednesday, hitting $56.16. The company had a trading volume of 2,128,995 shares, compared to its average volume of 1,212,602. The firm has a fifty day moving average price of $60.65 and a 200-day moving average price of $58.19. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.93 and a current ratio of 1.93. The stock has a market capitalization of $12.29 billion, a price-to-earnings ratio of 21.37, a P/E/G ratio of 1.11 and a beta of 0.94. W. P. Carey has a 52-week low of $52.67 and a 52-week high of $67.40.

W. P. Carey Increases Dividend

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

Insider Transactions at W. P. Carey

In related news, Director Mark A. Alexander purchased 3,500 shares of the stock in a transaction dated Friday, August 9th. The stock was purchased at an average price of $55.87 per share, with a total value of $195,545.00. Following the transaction, the director now directly owns 38,124 shares in the company, valued at $2,129,987.88. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.08% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

WPC has been the topic of several recent analyst reports. Barclays lifted their price target 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 cut 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 report on Wednesday, August 7th. Royal Bank of Canada cut 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 report on Thursday, August 1st. Evercore ISI lifted their price target on shares of W. P. Carey from $63.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $63.00 price target (up previously from $62.00) on shares of W. P. Carey in a report on Tuesday, October 1st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, W. P. Carey presently has an average rating of “Hold” and a consensus target price of $63.25.

About W. P. Carey

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.