National Asset Management Inc. Reduces Position in WP Carey Inc (NYSE:WPC)
National Asset Management Inc. trimmed its holdings in shares of WP Carey Inc (NYSE:WPC) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 7,147 shares of the real estate investment trust’s stock after selling 149 shares during the quarter. National Asset Management Inc.’s holdings in WP Carey were worth $581,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in WPC. Centaurus Financial Inc. grew its holdings in shares of WP Carey by 65.4% during the first quarter. Centaurus Financial Inc. now owns 2,051 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 811 shares during the last quarter. Manchester Financial Inc. acquired a new position in shares of WP Carey during the second quarter worth approximately $32,000. Mcmillion Capital Management Inc. acquired a new position in shares of WP Carey during the second quarter worth approximately $53,000. Meridian Wealth Management LLC acquired a new position in shares of WP Carey during the second quarter worth approximately $57,000. Finally, Baystate Wealth Management LLC boosted its position in shares of WP Carey by 22.5% during the first quarter. Baystate Wealth Management LLC now owns 785 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 144 shares during the period. 54.87% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on WPC shares. ValuEngine downgraded WP Carey from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Mitsubishi UFJ Financial Group reduced their price objective on WP Carey to $77.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Zacks Investment Research upgraded WP Carey from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Citigroup upgraded WP Carey from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $59.00 to $81.00 in a research report on Friday, June 7th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. The company has an average rating of “Hold” and a consensus price target of $76.50.
WP Carey (NYSE:WPC) last issued its quarterly earnings data on Friday, August 2nd. The real estate investment trust reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.23 by ($0.85). The business had revenue of $305.21 million for the quarter, compared to analyst estimates of $303.23 million. WP Carey had a return on equity of 6.72% and a net margin of 38.36%. During the same quarter in the prior year, the firm posted $0.60 earnings per share. On average, analysts expect that WP Carey Inc will post 4.9 EPS for the current fiscal year.
WP Carey 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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