W.P. Carey (NYSE:WPC) Reaches New 12-Month Low – What’s Next?

W.P. Carey Inc. (NYSE:WPC) hit a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $63.03 and last traded at $63.1150, with a volume of 428711 shares trading hands. The stock had previously closed at $64.01.

Analyst Ratings Changes

Several research firms have commented on WPC. Scotiabank lowered their price target on shares of W.P. Carey from $76.00 to $68.00 and set a “sector perform” rating for the company in a report on Thursday, September 24th. BMO Capital Markets dropped their price target on W.P. Carey from $86.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, June 18th. Jefferies Financial Group assumed coverage on W.P. Carey in a report on Tuesday, September 22nd. They issued a “buy” rating and a $73.00 price objective on the stock. BNP Paribas Exane upgraded W.P. Carey from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $73.00 to $88.00 in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada upped their price target on shares of W.P. Carey from $73.00 to $77.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Nine investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.14.

W.P. Carey Price Performance

The company has a debt-to-equity ratio of 1.01, a current ratio of 0.22 and a quick ratio of 0.22. The company has a 50-day moving average price of $69.00 and a two-hundred day moving average price of $71.49. The company has a market cap of $14.36 billion, a PE ratio of 21.51, a P/E/G ratio of 3.17 and a beta of 0.75.

W.P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.95 dividend. This is a boost from W.P. Carey’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Wednesday, September 30th. W.P. Carey’s dividend payout ratio is 129.69%.

Hedge Funds Weigh In On W.P. Carey

Hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in W.P. Carey in the 2nd quarter worth $2,371,801,000. Legal & General Group Plc bought a new position in W.P. Carey in the 2nd quarter worth approximately $189,315,000. Bank of New York Mellon Corp bought a new stake in shares of W.P. Carey in the second quarter valued at approximately $164,853,000. Bank of America Corp DE acquired a new stake in shares of W.P. Carey in the second quarter worth $128,034,000. Finally, Deutsche Bank AG bought a new stake in W.P. Carey in the 2nd quarter valued at $127,824,000. 73.73% of the stock is currently owned by institutional investors and hedge funds.

W.P. Carey Company Profile

W.P. Carey Inc (NYSE: WPC) is a real estate investment trust that owns and manages a diversified portfolio of commercial properties. The company primarily invests in single-tenant, operationally critical properties that are leased to companies under long-term, net lease agreements. These arrangements generally require tenants to pay property taxes, insurance and maintenance costs, subject to the terms of each lease.

Its portfolio has historically included industrial, warehouse, retail, office and self-storage properties, with a focus on assets leased to established businesses across a range of industries.