WP Carey Inc (NYSE:WPC) to Issue Dividend Increase – $1.04 Per Share

WP Carey Inc (NYSE:WPC) declared a quarterly dividend on Thursday, June 11th, RTT News reports. Shareholders of record on Tuesday, June 30th will be paid a dividend of 1.042 per share by the real estate investment trust on Wednesday, July 15th. This represents a $4.17 annualized dividend and a yield of 6.28%. The ex-dividend date is Monday, June 29th. This is a positive change from WP Carey’s previous quarterly dividend of $1.04.

WP Carey has raised its dividend by an average of 147.9% annually over the last three years and has raised its dividend every year for the last 19 years. WP Carey has a dividend payout ratio of 202.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect WP Carey to earn $4.73 per share next year, which means the company should continue to be able to cover its $4.16 annual dividend with an expected future payout ratio of 87.9%.

Shares of WPC stock opened at $66.36 on Friday. The stock has a market capitalization of $11.44 billion, a PE ratio of 13.14 and a beta of 0.75. The business’s 50 day simple moving average is $64.20 and its 200 day simple moving average is $71.77. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.40 and a quick ratio of 0.40. WP Carey has a one year low of $38.62 and a one year high of $93.62.

WP Carey (NYSE:WPC) last issued its quarterly earnings results on Friday, May 1st. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.06. WP Carey had a net margin of 24.64% and a return on equity of 4.38%. The firm had revenue of $294.60 million for the quarter, compared to the consensus estimate of $278.30 million. During the same quarter in the previous year, the company earned $0.41 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, research analysts expect that WP Carey will post 4.73 earnings per share for the current year.

WPC has been the topic of a number of research analyst reports. Citigroup cut their price target on shares of WP Carey from $83.00 to $52.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Zacks Investment Research lowered WP Carey from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Wells Fargo & Co lifted their target price on WP Carey from $64.00 to $77.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $74.25.

In related news, Director Mark A. Alexander acquired 4,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $61.84 per share, for a total transaction of $247,360.00. Following the completion of the acquisition, the director now owns 18,878 shares of the company’s stock, valued at $1,167,415.52. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.09% of the stock is currently owned by corporate insiders.

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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Dividend History for WP Carey (NYSE:WPC)

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