Royal Bank of Canada Purchases 36,090 Shares of W.P. Carey Inc. $WPC

Royal Bank of Canada increased its holdings in shares of W.P. Carey Inc. (NYSE:WPC) by 15.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 270,488 shares of the real estate investment trust’s stock after buying an additional 36,090 shares during the quarter. Royal Bank of Canada’s holdings in W.P. Carey were worth $18,382,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP increased its holdings in shares of W.P. Carey by 61.0% in the first quarter. Quantinno Capital Management LP now owns 280,897 shares of the real estate investment trust’s stock worth $19,090,000 after acquiring an additional 106,456 shares in the last quarter. BROOKFIELD Corp ON bought a new position in shares of W.P. Carey during the 1st quarter valued at about $14,952,000. Intelligence Driven Advisers LLC acquired a new position in shares of W.P. Carey in the 1st quarter valued at approximately $204,000. Gateway Wealth Partners LLC acquired a new position in shares of W.P. Carey in the 1st quarter valued at approximately $1,745,000. Finally, OMERS ADMINISTRATION Corp increased its stake in W.P. Carey by 28.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 10,076 shares of the real estate investment trust’s stock worth $685,000 after purchasing an additional 2,240 shares in the last quarter. 73.73% of the stock is currently owned by institutional investors.

W.P. Carey Stock Down 0.5%

W.P. Carey stock opened at $71.79 on Friday. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01. W.P. Carey Inc. has a 1-year low of $63.08 and a 1-year high of $77.22. The company has a fifty day simple moving average of $73.44 and a 200 day simple moving average of $72.39. The company has a market cap of $16.35 billion, a P/E ratio of 24.50, a price-to-earnings-growth ratio of 3.60 and a beta of 0.75.

W.P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Tuesday, June 30th. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.93. W.P. Carey’s dividend payout ratio is 128.33%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. BMO Capital Markets cut their price target on shares of W.P. Carey from $86.00 to $84.00 and set an “outperform” rating on the stock in a research note on Thursday, June 18th. Wolfe Research upgraded shares of W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a report on Monday, June 8th. Evercore set a $77.00 price objective on shares of W.P. Carey in a research report on Thursday, July 30th. BNP Paribas Exane raised shares of W.P. Carey from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $73.00 to $88.00 in a research note on Wednesday, July 29th. Finally, Scotiabank dropped their price target on W.P. Carey from $79.00 to $76.00 and set a “sector perform” rating on the stock in a research note on Thursday, June 18th. Seven equities research 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $79.31.

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.