Orion Portfolio Solutions LLC Acquires New Holdings in WP Carey Inc (NYSE:WPC)
Orion Portfolio Solutions LLC acquired a new stake in WP Carey Inc (NYSE:WPC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,640 shares of the real estate investment trust’s stock, valued at approximately $131,000.
A number of other hedge funds and other institutional investors have also modified their holdings of WPC. UMA Financial Services Inc. acquired a new stake in shares of WP Carey during the 3rd quarter worth about $397,000. Voya Investment Management LLC lifted its holdings in shares of WP Carey by 4.0% during the 3rd quarter. Voya Investment Management LLC now owns 31,192 shares of the real estate investment trust’s stock worth $2,791,000 after acquiring an additional 1,200 shares during the period. Voya Financial Advisors Inc. lifted its holdings in shares of WP Carey by 2.3% during the 3rd quarter. Voya Financial Advisors Inc. now owns 10,137 shares of the real estate investment trust’s stock worth $913,000 after acquiring an additional 226 shares during the period. State Street Corp lifted its holdings in shares of WP Carey by 3.6% during the 3rd quarter. State Street Corp now owns 7,283,276 shares of the real estate investment trust’s stock worth $659,276,000 after acquiring an additional 251,476 shares during the period. Finally, Headinvest LLC lifted its holdings in shares of WP Carey by 5.5% during the 3rd quarter. Headinvest LLC now owns 3,597 shares of the real estate investment trust’s stock worth $322,000 after acquiring an additional 188 shares during the period. 58.61% of the stock is currently owned by hedge funds and other institutional investors.
Shares of WPC traded up $4.75 during mid-day trading on Wednesday, reaching $57.39. 1,643,158 shares of the stock traded hands, compared to its average volume of 808,968. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of 32.24, a P/E/G ratio of 3.50 and a beta of 0.50. The stock has a fifty day simple moving average of $77.14 and a 200 day simple moving average of $83.34. WP Carey Inc has a 12-month low of $38.62 and a 12-month high of $93.62. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.84.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $1.04 dividend. The ex-dividend date of this dividend is Monday, March 30th. This is a boost from WP Carey’s previous quarterly dividend of $1.04. This represents a $4.16 annualized dividend and a yield of 7.25%. WP Carey’s payout ratio is 83.00%.
In related news, Director Mark A. Alexander purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were purchased at an average price of $45.83 per share, with a total value of $183,320.00. Following the purchase, the director now owns 11,878 shares of the company’s stock, valued at approximately $544,368.74. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher Niehaus purchased 1,500 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was bought at an average cost of $64.68 per share, for a total transaction of $97,020.00. Following the purchase, the director now directly owns 7,983 shares in the company, valued at approximately $516,340.44. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 16,785 shares of company stock worth $838,178. 1.09% of the stock is owned by company insiders.
Several research analysts have recently weighed in on the stock. Wells Fargo & Co upgraded shares of WP Carey from a “market perform” rating to an “outperform” rating and set a $92.00 price objective on the stock in a report on Tuesday, December 10th. Citigroup raised their price target on shares of WP Carey from $81.00 to $83.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Finally, Zacks Investment Research lowered shares of WP Carey from a “hold” rating to a “sell” rating in a report on Thursday, March 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. WP Carey currently has an average rating of “Hold” and an average target price of $85.00.
About WP Carey
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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