Sorin Capital Management LLC Invests $1.32 Million in VEREIT Inc. (VER)
Sorin Capital Management LLC acquired a new stake in shares of VEREIT Inc. (NYSE:VER) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 161,717 shares of the financial services provider’s stock, valued at approximately $1,316,000. VEREIT makes up 1.2% of Sorin Capital Management LLC’s portfolio, making the stock its 11th biggest position.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VER. Stratos Wealth Partners LTD. acquired a new stake in shares of VEREIT during the 1st quarter valued at $105,000. Strid Group LLC acquired a new stake in shares of VEREIT during the 2nd quarter valued at $105,000. Sheaff Brock Investment Advisors LLC boosted its holdings in shares of VEREIT by 26.8% during the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 14,033 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 2,969 shares in the last quarter. IBM Retirement Fund boosted its holdings in shares of VEREIT by 31.3% during the 2nd quarter. IBM Retirement Fund now owns 14,253 shares of the financial services provider’s stock valued at $116,000 after acquiring an additional 3,395 shares in the last quarter. Finally, Dynamic Advisors Solutions LLC boosted its holdings in shares of VEREIT by 0.9% during the 2nd quarter. Dynamic Advisors Solutions LLC now owns 14,574 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 127 shares in the last quarter. 85.99% of the stock is currently owned by institutional investors.
VEREIT (NYSE:VER) last announced its earnings results on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share (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 company had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $296.02 million. During the same quarter last year, the firm posted $0.19 earnings per share. The firm’s revenue was down 9.2% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors 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 positive change from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 annualized dividend and a yield of 6.49%. VEREIT’s payout ratio is -499.95%.
Several equities research analysts recently weighed in on VER shares. Zacks Investment Research downgraded VEREIT from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. BidaskClub raised VEREIT from a “sell” rating to a “hold” rating in a report on Sunday, July 16th. Finally, ValuEngine downgraded VEREIT from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. VEREIT has an average rating of “Hold” and an average price target of $9.80.
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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