W.P. Carey (NYSE:WPC) Price Target Cut to $68.00 by Analysts at Scotiabank

W.P. Carey (NYSE:WPC) had its target price reduced by research analysts at Scotiabank from $76.00 to $68.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective indicates a potential upside of 2.15% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Citigroup reissued a “market perform” rating on shares of W.P. Carey in a research report on Thursday, June 18th. Wolfe Research raised shares of W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research report on Monday, June 8th. Royal Bank Of Canada lifted 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 research note on Thursday, July 30th. Wells Fargo & Company boosted their price target on W.P. Carey from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Monday, June 1st. Finally, Benchmark initiated coverage on W.P. Carey in a research note on Tuesday. They issued a “buy” rating on the stock. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.14.

W.P. Carey Trading Down 0.5%

NYSE WPC opened at $66.57 on Thursday. The company’s 50-day moving average price is $71.37 and its 200-day moving average price is $71.99. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01. The stock has a market cap of $15.17 billion, a PE ratio of 22.72, a PEG ratio of 3.32 and a beta of 0.75. W.P. Carey has a 12 month low of $63.08 and a 12 month high of $77.22.

Institutional Investors Weigh In On W.P. Carey

Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in W.P. Carey during the second quarter valued at approximately $2,371,801,000. Geode Capital Management LLC lifted its holdings in W.P. Carey by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,795,604 shares of the real estate investment trust’s stock worth $307,913,000 after buying an additional 110,306 shares during the period. Dimensional Fund Advisors LP boosted its position in W.P. Carey by 4.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,348,132 shares of the real estate investment trust’s stock valued at $227,539,000 after acquiring an additional 155,857 shares in the last quarter. Norges Bank bought a new stake in W.P. Carey during the 4th quarter valued at $184,035,000. Finally, Legal & General Group Plc increased its holdings in shares of W.P. Carey by 5.0% in the 4th quarter. Legal & General Group Plc now owns 2,699,056 shares of the real estate investment trust’s stock valued at $173,711,000 after acquiring an additional 128,761 shares during the period. Institutional investors own 73.73% of the company’s stock.

About W.P. Carey

W.P. Carey Inc (NYSE: WPC) is a diversified real estate investment trust that owns and manages a portfolio of commercial properties leased to companies under long-term, primarily net lease agreements. Under these arrangements, tenants generally assume responsibility for property taxes, insurance and maintenance, allowing W.P. Carey to generate contractual rental income.

The company invests in and provides sale-leaseback and build-to-suit financing solutions for businesses. Its portfolio has historically included industrial and warehouse facilities, retail properties, office buildings, self-storage facilities and other commercial real estate.