Cedar Capital LLC Acquires New Position in VEREIT Inc. (VER)
Cedar Capital LLC acquired a new position in shares of VEREIT Inc. (NYSE:VER) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 299,001 shares of the financial services provider’s stock, valued at approximately $2,434,000. VEREIT comprises approximately 1.1% of Cedar Capital LLC’s investment portfolio, making the stock its 18th largest position.
Several other large investors also recently made changes to their positions in VER. Stratos Wealth Partners LTD. bought a new stake in shares of VEREIT during the first quarter worth approximately $105,000. Creative Planning increased its stake in shares of VEREIT by 9.0% in the first quarter. Creative Planning now owns 13,009 shares of the financial services provider’s stock worth $110,000 after buying an additional 1,069 shares during the period. IBM Retirement Fund increased its stake in shares of VEREIT by 31.3% in the second quarter. IBM Retirement Fund now owns 14,253 shares of the financial services provider’s stock worth $116,000 after buying an additional 3,395 shares during the period. Dynamic Advisors Solutions LLC increased its stake in shares of VEREIT by 0.9% in the second quarter. Dynamic Advisors Solutions LLC now owns 14,574 shares of the financial services provider’s stock worth $119,000 after buying an additional 127 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of VEREIT by 10.8% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 14,345 shares of the financial services provider’s stock worth $123,000 after buying an additional 1,396 shares during the period. Institutional investors own 86.02% of the company’s stock.
VEREIT Inc. (NYSE VER) traded up 0.95% during mid-day trading on Friday, hitting $8.52. The stock had a trading volume of 1,851,460 shares. VEREIT Inc. has a 1-year low of $7.44 and a 1-year high of $10.76. The company has a 50-day moving average price of $8.44 and a 200 day moving average price of $8.39. The company’s market cap is $8.30 billion.
VEREIT (NYSE:VER) last announced its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.16. VEREIT had a negative net margin of 2.72% and a negative return on equity of 0.44%. The firm had revenue of $336.90 million during the quarter, compared to analyst estimates of $296.02 million. During the same period last year, the firm earned $0.19 EPS. VEREIT’s quarterly revenue was down 9.2% on a year-over-year basis. Equities research analysts forecast that VEREIT Inc. will post ($1.70) EPS for the current fiscal year.
VEREIT declared that its Board of Directors has initiated a stock repurchase plan on Monday, May 15th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared 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 positive change from VEREIT’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. This represents a $0.55 annualized dividend and a dividend yield of 6.54%. VEREIT’s payout ratio is -499.95%.
ILLEGAL ACTIVITY WARNING: This story was originally posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this story on another publication, it was copied illegally and reposted in violation of United States and international copyright and trademark legislation. The legal version of this story can be accessed at https://www.thecerbatgem.com/2017/09/01/cedar-capital-llc-acquires-new-position-in-vereit-inc-ver.html.
A number of equities research analysts have recently commented on VER shares. Zacks Investment Research upgraded VEREIT from a “hold” rating to a “buy” rating and set a $9.50 price objective 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 downgraded 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 price objective for the company in a research report on Monday, May 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $9.80.
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.
Want to see what other hedge funds are holding VER? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for VEREIT Inc. (NYSE:VER).
Receive News & Stock Ratings for VEREIT Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for VEREIT Inc. and related stocks with our FREE daily email newsletter.