Teacher Retirement System of Texas Lowers Position in VEREIT Inc. (VER)
Teacher Retirement System of Texas decreased its stake in shares of VEREIT Inc. (NYSE:VER) by 0.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,046,836 shares of the financial services provider’s stock after selling 300 shares during the period. Teacher Retirement System of Texas owned about 0.11% of VEREIT worth $8,521,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the stock. Stratos Wealth Partners LTD. purchased a new stake in VEREIT during the first quarter valued at $105,000. Creative Planning raised its stake in VEREIT by 9.0% in the first quarter. Creative Planning now owns 13,009 shares of the financial services provider’s stock valued at $110,000 after buying an additional 1,069 shares in the last quarter. IBM Retirement Fund raised its stake in VEREIT by 31.3% in the second quarter. IBM Retirement Fund now owns 14,253 shares of the financial services provider’s stock valued at $116,000 after buying an additional 3,395 shares in the last quarter. V Wealth Management LLC raised its stake in VEREIT by 4.3% in the first quarter. V Wealth Management LLC now owns 14,017 shares of the financial services provider’s stock valued at $119,000 after buying an additional 578 shares in the last quarter. Finally, Dynamic Advisors Solutions LLC raised its stake in VEREIT by 0.9% in the second quarter. Dynamic Advisors Solutions LLC now owns 14,574 shares of the financial services provider’s stock valued at $119,000 after buying an additional 127 shares in the last quarter. Institutional investors own 84.50% of the company’s stock.
Shares of VEREIT Inc. (VER) opened at 8.49 on Tuesday. VEREIT Inc. has a 12-month low of $7.44 and a 12-month high of $10.76. The firm has a 50-day moving average price of $8.33 and a 200 day moving average price of $8.39. The company’s market capitalization is $8.27 billion.
VEREIT (NYSE:VER) last released its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.18 by $0.16. The firm had revenue of $336.90 million for the quarter, compared to analysts’ expectations of $296.02 million. VEREIT had a negative return on equity of 0.44% and a negative net margin of 2.72%. The company’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 earnings per share. On average, equities research analysts predict that VEREIT Inc. will post ($1.70) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.138 per share. This is an increase from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 annualized dividend and a yield of 6.50%. The ex-dividend date is Thursday, September 28th. VEREIT’s dividend payout ratio (DPR) is presently -499.95%.
VEREIT announced that its Board of Directors has initiated a stock repurchase plan on Monday, May 15th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
Several equities research analysts recently weighed in on the company. Evercore ISI upgraded VEREIT to an “outperform” rating and set a $9.00 price target on the stock in a research report on Monday, May 15th. Zacks Investment Research upgraded VEREIT from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Wednesday, July 19th. BidaskClub lowered VEREIT from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, ValuEngine lowered VEREIT from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $9.80.
In other news, insider William Craig Jr. Miller acquired 12,725 shares of VEREIT stock in a transaction on Monday, May 22nd. The shares were bought at an average cost of $7.86 per share, for a total transaction of $100,018.50. Following the acquisition, the insider now directly owns 223,381 shares of the company’s stock, valued at approximately $1,755,774.66. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul H. Mcdowell acquired 7,000 shares of VEREIT stock in a transaction on Wednesday, May 17th. The shares were purchased at an average price of $7.51 per share, for a total transaction of $52,570.00. Following the completion of the acquisition, the insider now directly owns 289,401 shares in the company, valued at $2,173,401.51. The disclosure for this purchase can be found here. Company insiders own 0.09% of the company’s stock.
VEREIT Company Profile
VEREIT, Inc is a full-service real estate operating company. The Company operates through two business segments: real estate investment (REI) segment and investment management segment, Cole Capital. As of December 31, 2016, through its REI segment, the Company owned and managed a portfolio of 4,142 retail, restaurant, office and industrial real estate properties with an aggregate of 93.3 million square feet, which are located in 49 states, Puerto Rico and Canada.
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