Bank of Montreal Can Lowers Stake in W.P. Carey Inc. (NYSE:WPC)
Bank of Montreal Can decreased its stake in W.P. Carey Inc. (NYSE:WPC) by 18.5% during the second quarter, Holdings Channel reports. The fund owned 36,851 shares of the real estate investment trust’s stock after selling 8,391 shares during the period. Bank of Montreal Can’s holdings in W.P. Carey were worth $2,433,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WPC. BlackRock Inc. increased its position in W.P. Carey by 4,264.3% in the first quarter. BlackRock Inc. now owns 6,517,625 shares of the real estate investment trust’s stock valued at $405,525,000 after buying an additional 6,368,287 shares during the last quarter. Vanguard Group Inc. increased its position in W.P. Carey by 2.4% in the first quarter. Vanguard Group Inc. now owns 16,099,968 shares of the real estate investment trust’s stock valued at $1,001,740,000 after buying an additional 380,735 shares during the last quarter. American Century Companies Inc. increased its position in W.P. Carey by 46.4% in the first quarter. American Century Companies Inc. now owns 1,193,729 shares of the real estate investment trust’s stock valued at $74,274,000 after buying an additional 378,093 shares during the last quarter. State Street Corp increased its position in W.P. Carey by 5.0% in the first quarter. State Street Corp now owns 1,937,604 shares of the real estate investment trust’s stock valued at $120,555,000 after buying an additional 91,493 shares during the last quarter. Finally, First Financial Equity Corporation acquired a new position in W.P. Carey during the first quarter valued at $4,501,000. Hedge funds and other institutional investors own 49.40% of the company’s stock.
Shares of W.P. Carey Inc. (NYSE:WPC) traded down 0.32% during mid-day trading on Friday, hitting $65.76. 97,063 shares of the stock traded hands. The company’s 50-day moving average price is $67.32 and its 200 day moving average price is $64.30. The company has a market capitalization of $7.03 billion, a PE ratio of 25.32 and a beta of 0.88. W.P. Carey Inc. has a 1-year low of $55.77 and a 1-year high of $69.11.
W.P. Carey (NYSE:WPC) last posted its quarterly earnings results on Friday, August 4th. The real estate investment trust reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by $0.56. W.P. Carey had a return on equity of 8.10% and a net margin of 34.97%. The business had revenue of $221.52 million during the quarter, compared to the consensus estimate of $221.19 million. During the same quarter in the previous year, the company earned $1.24 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities research analysts forecast that W.P. Carey Inc. will post $2.23 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 6.06%. This is an increase from W.P. Carey’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Wednesday, June 28th. W.P. Carey’s dividend payout ratio is presently 154.44%.
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WPC has been the topic of several research reports. ValuEngine downgraded shares of W.P. Carey from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Wells Fargo & Company reiterated a “market perform” rating and issued a $69.00 target price (up previously from $59.50) on shares of W.P. Carey in a report on Friday, June 16th. Evercore ISI downgraded shares of W.P. Carey from an “in-line” rating to an “underperform” rating and set a $64.00 target price for the company. in a report on Monday, June 12th. Ladenburg Thalmann Financial Services reiterated a “hold” rating on shares of W.P. Carey in a report on Friday, June 16th. Finally, BidaskClub downgraded shares of W.P. Carey from a “strong-buy” rating to a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. W.P. Carey presently has an average rating of “Hold” and an average price target of $67.75.
W.P. Carey Company Profile
W. P. Carey provides long-term, sale-leaseback and build-to-suit transactions for companies worldwide, and manages a global investment portfolio. It has two primary business segments. Under the investment management segment, the Company earns revenue as the advisor to publicly owned, non-actively traded real estate investment trusts (REITs), which are sponsored by the Company under the Corporate Property Associates brand name (the CPA REITs) and invests in similar properties.
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