VEREIT Inc. (VER) Cut to Sell at Zacks Investment Research
Zacks Investment Research cut shares of VEREIT Inc. (NYSE:VER) from a hold rating to a sell rating in a report issued on Thursday.
According to Zacks, “VEREIT, Inc. is a real estate operating company. The Company owns and manages a diversified portfolio of retail, restaurant, office and industrial real estate assets. VEREIT, Inc., formerly known as American Realty Capital Properties Inc., is based in Phoenix, United States. “
Separately, BidaskClub cut shares of VEREIT from a hold rating to a sell rating in a research report on Saturday, June 24th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $9.80.
Shares of VEREIT (NYSE:VER) opened at 8.29 on Thursday. VEREIT has a 1-year low of $7.44 and a 1-year high of $9.81. The firm has a 50-day moving average price of $8.50 and a 200-day moving average price of $8.36. The firm’s market capitalization is $8.07 billion.
VEREIT (NYSE:VER) last posted its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.16). The firm 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%. The business’s quarterly revenue was down 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.19 earnings per share. On average, analysts forecast that VEREIT will post ($1.70) EPS for the current fiscal 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 given 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 yield of 6.66%. The ex-dividend date is Thursday, September 28th. VEREIT’s dividend payout ratio is presently -499.95%.
Several hedge funds have recently modified their holdings of the company. Dynamic Advisors Solutions LLC lifted its position in shares of VEREIT by 0.9% during the second quarter. Dynamic Advisors Solutions LLC now owns 14,574 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 127 shares during the last quarter. World Asset Management Inc lifted its position in shares of VEREIT by 0.4% during the second quarter. World Asset Management Inc now owns 49,401 shares of the financial services provider’s stock worth $402,000 after purchasing an additional 196 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of VEREIT by 3.4% during the first quarter. Pacer Advisors Inc. now owns 15,881 shares of the financial services provider’s stock worth $135,000 after purchasing an additional 529 shares during the last quarter. IFP Advisors Inc lifted its position in shares of VEREIT by 0.4% during the second quarter. IFP Advisors Inc now owns 167,829 shares of the financial services provider’s stock worth $1,366,000 after purchasing an additional 657 shares during the last quarter. Finally, NEXT Financial Group Inc lifted its position in shares of VEREIT by 5.7% during the second quarter. NEXT Financial Group Inc now owns 18,550 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 1,000 shares during the last quarter. 85.99% of the stock is currently owned by institutional investors and hedge funds.
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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