Envestnet Asset Management Inc. Trims Stake in W. P. Carey Inc. (NYSE:WPC)

Envestnet Asset Management Inc. cut its stake in W. P. Carey Inc. (NYSE:WPC) by 12.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 579,762 shares of the real estate investment trust’s stock after selling 86,105 shares during the period. Envestnet Asset Management Inc. owned 0.26% of W. P. Carey worth $31,585,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of W. P. Carey by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 30,820,665 shares of the real estate investment trust’s stock valued at $1,679,110,000 after purchasing an additional 242,576 shares in the last quarter. Geode Capital Management LLC grew its position in shares of W. P. Carey by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 4,709,028 shares of the real estate investment trust’s stock worth $256,201,000 after buying an additional 135,090 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of W. P. Carey by 29.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,022,953 shares of the real estate investment trust’s stock worth $219,170,000 after acquiring an additional 906,622 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in W. P. Carey by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,641,815 shares of the real estate investment trust’s stock valued at $143,926,000 after acquiring an additional 43,197 shares during the period. Finally, Norges Bank purchased a new stake in W. P. Carey in the fourth quarter worth about $139,381,000. 73.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on WPC shares. Barclays lifted their target price on shares of W. P. Carey from $56.00 to $60.00 and gave the company an “underweight” rating in a report on Tuesday, March 4th. JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a research note on Thursday, February 13th. Wells Fargo & Company raised their price target on W. P. Carey from $58.00 to $66.00 and gave the company an “equal weight” rating in a report on Monday, March 10th. Evercore ISI upped their price target on shares of W. P. Carey from $60.00 to $64.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Finally, BMO Capital Markets upgraded shares of W. P. Carey from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $60.00 to $67.00 in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.75.

W. P. Carey Trading Up 2.0 %

Shares of WPC stock opened at $57.87 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.95. W. P. Carey Inc. has a 12-month low of $52.91 and a 12-month high of $66.10. The stock has a market capitalization of $12.67 billion, a P/E ratio of 27.69, a P/E/G ratio of 1.06 and a beta of 0.81. The firm’s 50 day moving average is $60.88 and its 200 day moving average is $58.12.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.89 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.56 annualized dividend and a dividend yield of 6.15%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. W. P. Carey’s payout ratio is presently 170.33%.

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.