Pinnacle Financial Partners Inc. acquired a new stake in W.P. Carey Inc. (NYSE:WPC) during the second quarter, Holdings Channel reports. The institutional investor acquired 9,650 shares of the real estate investment trust’s stock, valued at approximately $637,000.
Other hedge funds have also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC increased its stake in W.P. Carey by 5.5% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 1,916 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 100 shares in the last quarter. WFG Advisors LP increased its stake in W.P. Carey by 159.3% in the first quarter. WFG Advisors LP now owns 2,344 shares of the real estate investment trust’s stock valued at $146,000 after buying an additional 1,440 shares in the last quarter. Penserra Capital Management LLC increased its stake in W.P. Carey by 64.0% in the first quarter. Penserra Capital Management LLC now owns 2,608 shares of the real estate investment trust’s stock valued at $162,000 after buying an additional 1,018 shares in the last quarter. D. Scott Neal Inc. increased its stake in W.P. Carey by 12.3% in the second quarter. D. Scott Neal Inc. now owns 2,471 shares of the real estate investment trust’s stock valued at $163,000 after buying an additional 271 shares in the last quarter. Finally, MUFG Americas Holdings Corp increased its stake in W.P. Carey by 473.8% in the first quarter. MUFG Americas Holdings Corp now owns 2,869 shares of the real estate investment trust’s stock valued at $179,000 after buying an additional 2,369 shares in the last quarter. 49.08% of the stock is owned by institutional investors and hedge funds.
Shares of W.P. Carey Inc. (WPC) opened at 65.87 on Monday. The company has a market cap of $7.04 billion, a P/E ratio of 25.36 and a beta of 0.88. The stock’s 50 day moving average is $67.29 and its 200 day moving average is $64.32. W.P. Carey Inc. has a 1-year low of $55.77 and a 1-year high of $69.11.
W.P. Carey (NYSE:WPC) last released its earnings results on Friday, August 4th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.15 by $0.56. The business had revenue of $221.52 million for the quarter, compared to analyst estimates of $221.19 million. W.P. Carey had a return on equity of 8.10% and a net margin of 34.97%. W.P. Carey’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.24 earnings per share. On average, analysts predict that W.P. Carey Inc. will post $2.23 earnings per share for the current year.
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Several analysts have recently weighed in on WPC shares. ValuEngine downgraded shares of W.P. Carey from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Wells Fargo & Company reaffirmed a “market perform” rating and set a $69.00 price target (up previously from $59.50) on shares of W.P. Carey in a research note on Friday, June 16th. Evercore ISI downgraded shares of W.P. Carey from an “in-line” rating to an “underperform” rating and set a $64.00 price target for the company. in a research note on Monday, June 12th. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of W.P. Carey in a research note on Friday, June 16th. Finally, BidaskClub downgraded shares of W.P. Carey from a “strong-buy” rating to a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $67.75.
W.P. Carey Company Profile
W. P. Carey provides long-term, sale-leaseback and build-to-suit transactions for companies worldwide, and manages a global investment portfolio. It has two primary business segments. Under the investment management segment, the Company earns revenue as the advisor to publicly owned, non-actively traded real estate investment trusts (REITs), which are sponsored by the Company under the Corporate Property Associates brand name (the CPA REITs) and invests in similar properties.
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