LS Investment Advisors LLC Holds Stake in VEREIT Inc. (VER)
LS Investment Advisors LLC maintained its position in VEREIT Inc. (NYSE:VER) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,210 shares of the financial services provider’s stock at the end of the second quarter. LS Investment Advisors LLC’s holdings in VEREIT were worth $124,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of VER. Quadrant Capital Group LLC increased its stake in shares of VEREIT by 10.2% in the first quarter. Quadrant Capital Group LLC now owns 12,329 shares of the financial services provider’s stock valued at $101,000 after buying an additional 1,140 shares during the period. Stratos Wealth Partners LTD. purchased a new stake in shares of VEREIT during the first quarter valued at about $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 valued at $110,000 after buying an additional 1,069 shares during the period. V Wealth Management LLC increased its stake in shares of 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 period. Finally, 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 valued at $119,000 after buying an additional 127 shares during the period. Hedge funds and other institutional investors own 84.82% of the company’s stock.
VEREIT Inc. (VER) traded down 1.65% during mid-day trading on Friday, hitting $8.33. 11,015,193 shares of the stock were exchanged. VEREIT Inc. has a one year low of $7.44 and a one year high of $10.76. The company has a 50-day moving average price of $8.32 and a 200-day moving average price of $8.40. The company’s market cap is $8.11 billion.
VEREIT (NYSE:VER) last issued 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 return on equity of 0.44% and a negative net margin of 2.72%. The business had revenue of $336.90 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter last year, the firm earned $0.19 earnings per share. The firm’s quarterly revenue was down 9.2% compared to the same quarter last year. On average, analysts predict that VEREIT Inc. will post ($1.70) earnings per share for the current fiscal year.
The firm 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 dividend of $0.138 per share. The ex-dividend date is Thursday, September 28th. This is a positive change from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 dividend on an annualized basis and a dividend yield of 6.63%. VEREIT’s payout ratio is -499.95%.
VEREIT announced that its board has initiated a share repurchase plan on Monday, May 15th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
VER has been the subject of several recent research reports. Zacks Investment Research raised shares of 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 raised shares of VEREIT from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine downgraded shares of VEREIT from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Evercore ISI reaffirmed an “in-line” rating and issued a $9.00 price objective on shares of VEREIT in a research report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. VEREIT has an average rating of “Hold” and a consensus target price of $9.80.
In other news, insider Thomas W. Roberts acquired 15,000 shares of the stock in a transaction dated Monday, May 15th. The shares were acquired at an average cost of $7.60 per share, for a total transaction of $114,000.00. Following the completion of the transaction, the insider now owns 599,876 shares in the company, valued at approximately $4,559,057.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Craig Jr. Miller acquired 12,725 shares of the stock in a transaction dated Monday, May 22nd. The shares were purchased at an average price of $7.86 per share, for a total transaction of $100,018.50. Following the completion of the transaction, the insider now owns 223,381 shares of the company’s stock, 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. Corporate 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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