Beacon Investment Advisory Services Inc. trimmed its position in shares of WP Carey Inc (NYSE:WPC) by 63.7% in the 2nd quarter, Holdings Channel reports. The fund owned 20,880 shares of the real estate investment trust’s stock after selling 36,581 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in WP Carey were worth $1,385,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA bought a new position in WP Carey in the second quarter worth about $68,844,000. Prudential Financial Inc. raised its stake in WP Carey by 326.9% in the first quarter. Prudential Financial Inc. now owns 227,950 shares of the real estate investment trust’s stock worth $14,131,000 after buying an additional 174,550 shares in the last quarter. Mackay Shields LLC bought a new position in WP Carey in the first quarter worth about $6,290,000. Chicago Equity Partners LLC raised its stake in WP Carey by 984.8% in the first quarter. Chicago Equity Partners LLC now owns 111,030 shares of the real estate investment trust’s stock worth $6,883,000 after buying an additional 100,795 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in WP Carey by 5,503.4% in the first quarter. Envestnet Asset Management Inc. now owns 96,154 shares of the real estate investment trust’s stock worth $6,107,000 after buying an additional 94,438 shares in the last quarter. 49.70% of the stock is owned by hedge funds and other institutional investors.
In other WP Carey news, insider Arjun Mahalingam sold 614 shares of the firm’s stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $66.56, for a total transaction of $40,867.84. Following the completion of the transaction, the insider now owns 2,272 shares of the company’s stock, valued at $151,224.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.56% of the stock is currently owned by company insiders.
A number of equities analysts recently issued reports on the stock. Bank of America increased their price target on shares of WP Carey from $59.00 to $66.25 and gave the stock an “underperform” rating in a research note on Monday, August 13th. Zacks Investment Research downgraded shares of WP Carey from a “hold” rating to a “sell” rating in a research note on Tuesday, June 5th. Finally, Wells Fargo & Co increased their price target on shares of WP Carey from $65.00 to $69.00 and gave the stock a “market perform” rating in a research note on Thursday, June 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. WP Carey presently has a consensus rating of “Hold” and an average target price of $71.56.
Shares of NYSE WPC opened at $66.32 on Wednesday. WP Carey Inc has a fifty-two week low of $59.23 and a fifty-two week high of $72.41. The company has a market cap of $7.09 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 3.29 and a beta of 0.69. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 1.21.
WP Carey (NYSE:WPC) last announced its earnings results on Friday, August 3rd. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.20 by ($0.50). WP Carey had a net margin of 38.18% and a return on equity of 8.51%. The business had revenue of $201.14 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period in the prior year, the business posted $1.38 EPS. WP Carey’s revenue for the quarter was down 9.2% on a year-over-year basis. sell-side analysts anticipate that WP Carey Inc will post 5.04 EPS for the current year.
WP Carey Profile
Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of over $10 billion and a portfolio of operationally-critical commercial real estate totaling 886 properties covering approximately 85 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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