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

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Zacks Investment Research cut shares of WP Carey (NYSE:WPC) from a hold rating to a sell rating in a research note published on Friday morning.

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. “

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. initiated coverage on WP Carey in a research report on Wednesday, December 19th. They set a neutral rating and a $73.00 price objective for the company. ValuEngine raised WP Carey from a hold rating to a buy rating in a research report on Friday, December 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $70.81.

NYSE:WPC opened at $75.20 on Friday. The stock has a market cap of $12.11 billion, a PE ratio of 14.19 and a beta of 0.64. WP Carey has a 1 year low of $59.40 and a 1 year high of $75.75. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 1.21.

Large investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its stake in WP Carey by 128.1% during the 4th quarter. Advisory Services Network LLC now owns 24,614 shares of the real estate investment trust’s stock valued at $1,608,000 after acquiring an additional 13,824 shares during the last quarter. Amalgamated Bank raised its stake in WP Carey by 48.3% during the 4th quarter. Amalgamated Bank now owns 29,723 shares of the real estate investment trust’s stock valued at $1,942,000 after acquiring an additional 9,681 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in WP Carey by 22.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 61,872 shares of the real estate investment trust’s stock valued at $4,043,000 after acquiring an additional 11,158 shares during the last quarter. Pinkerton Retirement Specialists LLC purchased a new stake in WP Carey during the 4th quarter valued at approximately $2,681,000. Finally, Macquarie Group Ltd. raised its stake in WP Carey by 58.4% during the 4th quarter. Macquarie Group Ltd. now owns 62,900 shares of the real estate investment trust’s stock valued at $4,110,000 after acquiring an additional 23,200 shares during the last quarter. 33.00% of the stock is owned by institutional investors and hedge funds.

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.

See Also: Inflation

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