W.P. Carey to Buy Back Stock

W.P. Carey (WPC Quote) set a $20 million stock buyback plan and declared a 45-cent regular quarterly dividend.

The New York-based asset manager said the program allows it to repurchase the shares through open market transactions over 12 months. As of Nov. 30, the Company had 37.9 million shares outstanding.

The company said the dividend, payable Jan. 16 to holders of record Dec. 31, represents an increase from the previous quarter's 44.8 cents. W.P. Carey said it has increased dividends every year since it became public.

On Thursday, Carey stock fell 21 cents to $24.54.

Get Jim Cramer's picks for 2006.