WP Carey (WPC) Rating Lowered to Sell at Zacks Investment Research

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WP Carey (NYSE:WPC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Saturday.

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. “

WPC has been the subject of several other reports. JPMorgan Chase & Co. started coverage on shares of WP Carey in a report on Wednesday, December 19th. They issued a “neutral” rating and a $73.00 price target for the company. ValuEngine lowered shares of WP Carey from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $70.81.

Shares of NYSE WPC traded down $0.29 during midday trading on Friday, hitting $68.82. The company’s stock had a trading volume of 724,758 shares, compared to its average volume of 1,043,531. WP Carey has a 1-year low of $59.23 and a 1-year high of $71.29. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.18 and a current ratio of 0.18. The firm has a market capitalization of $11.00 billion, a PE ratio of 12.98 and a beta of 0.54.

WP Carey (NYSE:WPC) last posted its quarterly earnings results on Friday, November 2nd. The real estate investment trust reported $1.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. WP Carey had a net margin of 39.03% and a return on equity of 8.78%. The business had revenue of $209.40 million during the quarter, compared to analyst estimates of $215.47 million. During the same period in the previous year, the business posted $0.74 EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. Equities analysts forecast that WP Carey will post 5.24 earnings per share for the current year.

In other news, Director Christopher Niehaus bought 3,850 shares of WP Carey stock in a transaction on Tuesday, November 13th. The stock was purchased at an average cost of $66.08 per share, with a total value of $254,408.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jean Hoysradt bought 2,300 shares of WP Carey stock in a transaction on Tuesday, November 6th. The shares were purchased at an average cost of $64.73 per share, with a total value of $148,879.00. Following the completion of the purchase, the director now directly owns 9,255 shares in the company, valued at $599,076.15. The disclosure for this purchase can be found here. Insiders own 1.56% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in WP Carey by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 15,410,572 shares of the real estate investment trust’s stock valued at $991,053,000 after purchasing an additional 44,898 shares during the period. Vanguard Group Inc boosted its stake in WP Carey by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 15,410,572 shares of the real estate investment trust’s stock valued at $991,053,000 after purchasing an additional 44,898 shares during the period. BlackRock Inc. boosted its stake in WP Carey by 1.7% during the 3rd quarter. BlackRock Inc. now owns 7,348,203 shares of the real estate investment trust’s stock valued at $472,564,000 after purchasing an additional 119,652 shares during the period. Dimensional Fund Advisors LP boosted its stake in WP Carey by 0.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,596,483 shares of the real estate investment trust’s stock valued at $102,669,000 after purchasing an additional 12,442 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in WP Carey by 45.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,512,424 shares of the real estate investment trust’s stock valued at $97,263,000 after purchasing an additional 474,831 shares during the period. 32.33% of the stock is owned by hedge funds and other institutional investors.

About WP Carey

Celebrating its 45th anniversary, W. P. Carey ranks among the largest diversified net lease REITs with an enterprise value of approximately $17 billion and a portfolio of operationally-critical commercial real estate that includes 1,186 net lease properties covering approximately 133 million square feet.

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