Great West Life Assurance Co. Can Has $4.49 Million Position in VEREIT Inc. (VER)
Great West Life Assurance Co. Can increased its stake in shares of VEREIT Inc. (NYSE:VER) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 552,014 shares of the financial services provider’s stock after buying an additional 316 shares during the period. Great West Life Assurance Co. Can’s holdings in VEREIT were worth $4,487,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in VER. Dynamic Advisors Solutions LLC raised its position in VEREIT by 0.9% in the second quarter. Dynamic Advisors Solutions LLC now owns 14,574 shares of the financial services provider’s stock valued at $119,000 after buying an additional 127 shares during the last quarter. Pacer Advisors Inc. raised its position in VEREIT by 3.4% in the first quarter. Pacer Advisors Inc. now owns 15,881 shares of the financial services provider’s stock valued at $135,000 after buying an additional 529 shares during the last quarter. V Wealth Management LLC raised 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 valued at $119,000 after buying an additional 578 shares during the last quarter. Capstone Asset Management Co. raised its position in VEREIT by 4.1% in the first quarter. Capstone Asset Management Co. now owns 18,452 shares of the financial services provider’s stock valued at $157,000 after buying an additional 720 shares during the last quarter. Finally, Cadence Capital Management LLC raised its position in VEREIT by 1.1% in the first quarter. Cadence Capital Management LLC now owns 66,248 shares of the financial services provider’s stock valued at $562,000 after buying an additional 747 shares during the last quarter. 84.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of VEREIT Inc. (NYSE VER) opened at 8.48 on Wednesday. VEREIT Inc. has a 52-week low of $7.44 and a 52-week high of $10.76. The firm’s market cap is $8.26 billion. The stock’s 50 day moving average price is $8.33 and its 200-day moving average price is $8.39.
VEREIT (NYSE:VER) last released its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $296.02 million. During the same quarter last year, the firm posted $0.19 EPS. The company’s quarterly revenue was down 9.2% on a year-over-year basis. On average, analysts forecast that VEREIT Inc. will post ($1.70) EPS for the current year.
The business also recently declared 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 represents a $0.55 dividend on an annualized basis and a dividend yield of 6.51%. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from VEREIT’s previous quarterly dividend of $0.14. VEREIT’s payout ratio is -499.95%.
VEREIT declared that its Board of Directors has initiated a share repurchase plan on Monday, May 15th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several research firms have weighed in on VER. Zacks Investment Research lowered VEREIT from a “hold” rating to a “sell” rating in a research note on Wednesday, May 3rd. Evercore ISI reissued an “in-line” rating and issued a $9.00 target price on shares of VEREIT in a research note on Wednesday, April 26th. BidaskClub raised VEREIT from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, ValuEngine lowered VEREIT from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. VEREIT has an average rating of “Hold” and an average price target of $9.80.
In other VEREIT news, insider William Craig Jr. Miller acquired 12,725 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were bought at an average cost of $7.86 per share, with a total value of $100,018.50. Following the purchase, the insider now directly owns 223,381 shares of the company’s stock, valued at $1,755,774.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.
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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