Prudential Financial Inc. Increases Holdings in WP Carey Inc (NYSE:WPC)

Prudential Financial Inc. lifted its position in shares of WP Carey Inc (NYSE:WPC) by 31.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,070 shares of the real estate investment trust’s stock after buying an additional 4,100 shares during the period. Prudential Financial Inc.’s holdings in WP Carey were worth $1,386,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WPC. Centaurus Financial Inc. grew its position in WP Carey by 65.4% during the 1st quarter. Centaurus Financial Inc. now owns 2,051 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 811 shares during the last quarter. Manchester Financial Inc. bought a new stake in shares of WP Carey in the 2nd quarter worth approximately $32,000. Parkside Financial Bank & Trust grew its position in shares of WP Carey by 406.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 400 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 321 shares during the last quarter. Mcmillion Capital Management Inc. bought a new stake in shares of WP Carey during the second quarter valued at approximately $53,000. Finally, Meridian Wealth Management LLC bought a new stake in shares of WP Carey during the second quarter valued at approximately $57,000. 56.33% of the stock is currently owned by institutional investors.

Shares of WPC traded down $0.21 during trading hours on Friday, hitting $88.72. The stock had a trading volume of 3,015 shares, compared to its average volume of 572,176. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.35 and a quick ratio of 0.35. WP Carey Inc has a 12 month low of $62.12 and a 12 month high of $92.06. The firm has a market capitalization of $15.19 billion, a PE ratio of 16.46, a PEG ratio of 6.68 and a beta of 0.46. The stock has a fifty day moving average price of $87.93 and a 200 day moving average price of $82.52.

WP Carey (NYSE:WPC) last issued its quarterly earnings data on Friday, August 2nd. The real estate investment trust reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.23 by ($0.85). WP Carey had a return on equity of 6.72% and a net margin of 38.36%. The firm had revenue of $305.21 million during the quarter, compared to the consensus estimate of $303.23 million. During the same period in the previous year, the firm earned $0.60 EPS. As a group, analysts anticipate that WP Carey Inc will post 4.9 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $1.036 dividend. The ex-dividend date is Friday, September 27th. This represents a $4.14 annualized dividend and a dividend yield of 4.67%. This is a positive change from WP Carey’s previous quarterly dividend of $1.03. WP Carey’s payout ratio is presently 76.81%.

A number of research analysts have issued reports on WPC shares. ValuEngine cut WP Carey from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Citigroup upgraded WP Carey from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $59.00 to $81.00 in a research note on Friday, June 7th. Finally, Zacks Investment Research upgraded WP Carey from a “sell” rating to a “hold” rating in a research note on Saturday, September 14th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. WP Carey has a consensus rating of “Hold” and an average target price of $77.00.

WP Carey Company Profile

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $17 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,163 net lease properties covering approximately 131 million square feet. For over four decades, the company has invested in high-quality single-tenant industrial, warehouse, office and retail properties subject to long-term leases with built-in rent escalators.

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Institutional Ownership by Quarter for WP Carey (NYSE:WPC)

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