Palisade Capital Management LLC NJ Has $134,000 Stake in VEREIT Inc. (VER)
Palisade Capital Management LLC NJ held its position in VEREIT Inc. (NYSE:VER) during the second quarter, Holdings Channel reports. The firm owned 16,500 shares of the financial services provider’s stock at the end of the second quarter. Palisade Capital Management LLC NJ’s holdings in VEREIT were worth $134,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of VER. BlackRock Inc. boosted its position in VEREIT by 3,227.7% in the first quarter. BlackRock Inc. now owns 76,790,678 shares of the financial services provider’s stock worth $651,955,000 after buying an additional 74,483,066 shares during the period. Bank of Montreal Can boosted its position in VEREIT by 1,232.3% in the second quarter. Bank of Montreal Can now owns 9,388,340 shares of the financial services provider’s stock worth $76,422,000 after buying an additional 8,683,687 shares during the period. Lasalle Investment Management Securities LLC boosted its position in VEREIT by 72.6% in the first quarter. Lasalle Investment Management Securities LLC now owns 16,129,586 shares of the financial services provider’s stock worth $136,940,000 after buying an additional 6,783,213 shares during the period. Canada Pension Plan Investment Board boosted its position in VEREIT by 341.4% in the first quarter. Canada Pension Plan Investment Board now owns 8,540,950 shares of the financial services provider’s stock worth $72,513,000 after buying an additional 6,605,900 shares during the period. Finally, Vanguard Group Inc. boosted its position in VEREIT by 2.5% in the first quarter. Vanguard Group Inc. now owns 155,944,544 shares of the financial services provider’s stock worth $1,323,969,000 after buying an additional 3,799,549 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.
Shares of VEREIT Inc. (NYSE:VER) opened at 8.47 on Friday. The firm’s 50 day moving average is $8.31 and its 200 day moving average is $8.40. The firm’s market capitalization is $8.25 billion. VEREIT Inc. has a 1-year low of $7.44 and a 1-year high of $10.76.
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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $296.02 million. During the same quarter last year, the firm posted $0.19 earnings per share. VEREIT’s revenue was down 9.2% compared to the same quarter last year. Analysts anticipate that VEREIT Inc. will post ($1.70) EPS for the current fiscal year.
The firm 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. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 annualized dividend and a yield of 6.52%. VEREIT’s payout ratio is -499.95%.
VEREIT declared that its Board of Directors has authorized a share buyback program on Monday, May 15th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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VER has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of VEREIT from a “sell” rating to a “hold” rating in a research note on Wednesday, May 10th. Evercore ISI raised shares of VEREIT from an “in-line” rating to an “outperform” rating and set a $9.00 price objective on the stock in a research note on Friday, May 5th. BidaskClub raised shares of VEREIT from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, ValuEngine cut shares of VEREIT from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $9.80.
In other VEREIT news, insider Paul H. Mcdowell purchased 7,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $7.51 per share, for a total transaction of $52,570.00. Following the completion of the transaction, the insider now owns 289,401 shares in the company, valued at $2,173,401.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Julie Richardson purchased 15,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was acquired at an average price of $7.46 per share, for a total transaction of $111,900.00. Following the completion of the transaction, the director now owns 65,028 shares of the company’s stock, valued at approximately $485,108.88. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 49,725 shares of company stock worth $378,489. 0.09% of the stock is owned by company insiders.
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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