Zacks Investment Research Reaffirms “Sell” Rating for WP Carey (NYSE:WPC)
According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “
A number of other research analysts also recently weighed in on the company. Citigroup raised WP Carey from a sell rating to a neutral rating and increased their target price for the company from $59.00 to $81.00 in a report on Friday, June 7th. ValuEngine downgraded WP Carey from a buy rating to a hold rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $77.00.
WP Carey (NYSE:WPC) last released its quarterly earnings results on Friday, August 2nd. The real estate investment trust reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ 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 analysts’ expectations of $303.23 million. During the same quarter last year, the business earned $0.60 earnings per share. As a group, research analysts forecast that WP Carey will post 4.9 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the business. Centaurus Financial Inc. increased its stake in shares of WP Carey by 65.4% in the 1st quarter. Centaurus Financial Inc. now owns 2,051 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 811 shares in the last quarter. Ausdal Financial Partners Inc. grew its holdings in WP Carey by 14.6% during the second quarter. Ausdal Financial Partners Inc. now owns 7,056 shares of the real estate investment trust’s stock valued at $610,000 after purchasing an additional 901 shares during the period. Eldridge Investment Advisors Inc. increased its position in WP Carey by 3.2% in the second quarter. Eldridge Investment Advisors Inc. now owns 12,725 shares of the real estate investment trust’s stock worth $1,033,000 after buying an additional 400 shares in the last quarter. Hanson McClain Inc. increased its position in WP Carey by 9.7% in the first quarter. Hanson McClain Inc. now owns 3,136 shares of the real estate investment trust’s stock worth $246,000 after buying an additional 277 shares in the last quarter. Finally, Private Vista LLC raised its stake in shares of WP Carey by 7.6% in the first quarter. Private Vista LLC now owns 15,408 shares of the real estate investment trust’s stock worth $1,207,000 after buying an additional 1,084 shares during the period. 56.29% of the stock is owned by institutional investors and hedge funds.
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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