W.P. Carey Inc. $WPC Stake Trimmed by Wellington Management Group LLP

Wellington Management Group LLP lessened its stake in shares of W.P. Carey Inc. (NYSE:WPC) by 11.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,260,182 shares of the real estate investment trust’s stock after selling 165,811 shares during the period. Wellington Management Group LLP’s holdings in W.P. Carey were worth $90,103,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of WPC. Kingsview Wealth Management LLC acquired a new position in shares of W.P. Carey in the second quarter worth about $214,000. Beacon Pointe Advisors LLC purchased a new stake in shares of W.P. Carey in the 2nd quarter valued at approximately $4,782,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of W.P. Carey in the 2nd quarter valued at approximately $43,000. Rakuten Investment Management Inc. acquired a new position in W.P. Carey in the 2nd quarter worth approximately $927,000. Finally, RB Capital Management LLC purchased a new position in W.P. Carey during the 2nd quarter worth approximately $791,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

W.P. Carey Price Performance

Shares of NYSE:WPC opened at $70.07 on Wednesday. The stock has a market capitalization of $15.96 billion, a P/E ratio of 23.91, a P/E/G ratio of 3.49 and a beta of 0.75. The business has a 50-day moving average of $72.41 and a two-hundred day moving average of $72.53. W.P. Carey Inc. has a fifty-two week low of $63.08 and a fifty-two week high of $77.22. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.22 and a quick ratio of 0.22.

W.P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.94 dividend. This is an increase from W.P. Carey’s previous quarterly dividend of $0.93. The ex-dividend date was Tuesday, June 30th. This represents a $3.76 annualized dividend and a yield of 5.4%. W.P. Carey’s dividend payout ratio is presently 128.33%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Evercore set a $77.00 target price on W.P. Carey in a report on Thursday, July 30th. Royal Bank Of Canada lifted their price target on W.P. Carey from $73.00 to $77.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. BMO Capital Markets reduced their price objective on W.P. Carey from $86.00 to $84.00 and set an “outperform” rating for the company in a research note on Thursday, June 18th. BNP Paribas Exane upgraded W.P. Carey from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $73.00 to $88.00 in a research report on Wednesday, July 29th. Finally, Weiss Ratings raised W.P. Carey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 24th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $79.38.

W.P. Carey Profile

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.