VEREIT Inc. (VER) Receives Average Recommendation of “Hold” from Analysts
VEREIT Inc. (NYSE:VER) has earned a consensus rating of “Hold” from the ten analysts that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $9.88.
Several equities analysts recently commented on VER shares. Zacks Investment Research upgraded VEREIT from a “hold” rating to a “buy” rating and set a $9.50 target price for the company in a research report on Wednesday, July 19th. BidaskClub upgraded VEREIT from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine cut VEREIT from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Evercore ISI upgraded VEREIT to an “outperform” rating and set a $9.00 target price for the company in a research report on Monday, May 15th.
Shares of VEREIT (NYSE VER) traded up 0.96% during mid-day trading on Friday, hitting $8.44. The company had a trading volume of 14,512,531 shares. The company’s market capitalization is $8.22 billion. VEREIT has a one year low of $7.44 and a one year high of $10.76. The company’s 50-day moving average is $8.44 and its 200 day moving average is $8.39.
VEREIT (NYSE:VER) last announced its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.16. The company had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $296.02 million. VEREIT had a negative net margin of 2.72% and a negative return on equity of 0.44%. VEREIT’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 earnings per share. On average, equities research analysts forecast that VEREIT will post ($1.70) EPS for the current fiscal year.
VEREIT declared that its board has initiated a share repurchase program on Monday, May 15th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a $0.138 dividend. This is a boost from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 dividend on an annualized basis and a dividend yield of 6.54%. The ex-dividend date is Thursday, September 28th. VEREIT’s dividend payout ratio is presently -499.95%.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in VEREIT by 2.5% in the first quarter. Vanguard Group Inc. now owns 155,944,544 shares of the financial services provider’s stock worth $1,323,969,000 after buying an additional 3,799,549 shares during the last quarter. BlackRock Inc. boosted its position in VEREIT by 1.4% in the second quarter. BlackRock Inc. now owns 77,878,258 shares of the financial services provider’s stock worth $633,927,000 after buying an additional 1,087,580 shares during the last quarter. Cbre Clarion Securities LLC boosted its position in VEREIT by 5.4% in the second quarter. Cbre Clarion Securities LLC now owns 38,947,554 shares of the financial services provider’s stock worth $317,033,000 after buying an additional 2,004,074 shares during the last quarter. CI Investments Inc. boosted its position in VEREIT by 0.9% in the second quarter. CI Investments Inc. now owns 24,529,315 shares of the financial services provider’s stock worth $199,669,000 after buying an additional 220,300 shares during the last quarter. Finally, Glenview Capital Management LLC boosted its position in VEREIT by 5.9% in the second quarter. Glenview Capital Management LLC now owns 17,946,243 shares of the financial services provider’s stock worth $146,082,000 after buying an additional 1,000,000 shares during the last quarter. Hedge funds and other institutional investors own 86.02% of the company’s stock.
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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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