Daiwa Securities Group Inc. raised its position in VEREIT Inc. (NYSE:VER) by 13.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 173,324 shares of the financial services provider’s stock after buying an additional 20,700 shares during the period. Daiwa Securities Group Inc.’s holdings in VEREIT were worth $1,411,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in VER. V Wealth Management LLC boosted its position 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 worth $119,000 after buying an additional 578 shares during the last quarter. State of Alaska Department of Revenue boosted its position in VEREIT by 5.8% in the first quarter. State of Alaska Department of Revenue now owns 381,961 shares of the financial services provider’s stock worth $3,241,000 after buying an additional 21,103 shares during the last quarter. Cutler Capital Management LLC boosted its position in VEREIT by 72.5% in the first quarter. Cutler Capital Management LLC now owns 119,000 shares of the financial services provider’s stock worth $1,010,000 after buying an additional 50,000 shares during the last quarter. Orinda Asset Management LLC boosted its position in VEREIT by 1.4% in the first quarter. Orinda Asset Management LLC now owns 355,000 shares of the financial services provider’s stock worth $3,014,000 after buying an additional 5,000 shares during the last quarter. Finally, DnB Asset Management AS boosted its position in VEREIT by 37.7% in the first quarter. DnB Asset Management AS now owns 94,949 shares of the financial services provider’s stock worth $806,000 after buying an additional 26,000 shares during the last quarter. 84.82% of the stock is owned by institutional investors.
VEREIT Inc. (NYSE VER) opened at 8.49 on Thursday. The firm’s 50 day moving average price is $8.30 and its 200-day moving average price is $8.40. The firm’s market cap is $8.27 billion. VEREIT Inc. has a one year low of $7.44 and a one year high of $10.76.
VEREIT (NYSE:VER) last posted its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $336.90 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter in the previous year, the business posted $0.19 earnings per share. VEREIT’s revenue was down 9.2% on a year-over-year basis. Equities analysts predict that VEREIT Inc. will post ($1.70) EPS for the current fiscal year.
VEREIT declared that its Board of Directors has initiated a stock buyback program on Monday, May 15th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.138 per share. This represents a $0.55 dividend on an annualized basis and a dividend yield of 6.50%. This is an increase from VEREIT’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, September 28th. VEREIT’s dividend payout ratio (DPR) is presently -499.95%.
A number of equities analysts recently weighed in on the company. Evercore ISI reaffirmed an “in-line” rating and issued a $9.00 price target on shares of VEREIT in a report on Wednesday, April 26th. Zacks Investment Research raised VEREIT from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a report on Wednesday, July 19th. BidaskClub raised VEREIT from a “sell” rating to a “hold” rating in a report on Sunday, July 16th. Finally, ValuEngine cut VEREIT from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. VEREIT currently has an average rating of “Hold” and an average price target of $9.80.
In related news, insider Thomas W. Roberts purchased 15,000 shares of VEREIT stock in a transaction dated Monday, May 15th. The stock was bought at an average cost of $7.60 per share, for a total transaction of $114,000.00. Following the transaction, the insider now owns 599,876 shares in the company, valued at $4,559,057.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Craig Jr. Miller purchased 12,725 shares of VEREIT stock in a transaction dated Monday, May 22nd. The shares were bought at an average price of $7.86 per share, with a total value of $100,018.50. Following the completion of the transaction, the insider now owns 223,381 shares in the company, valued at approximately $1,755,774.66. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 49,725 shares of company stock valued at $378,489. 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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