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%.

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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.

About VEREIT

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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Institutional Ownership by Quarter for VEREIT (NYSE:VER)

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