Teacher Retirement System of Texas Sells 300 Shares of VEREIT Inc. (NYSE:VER)
Teacher Retirement System of Texas lowered its stake in shares of VEREIT Inc. (NYSE:VER) by 0.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,046,836 shares of the financial services provider’s stock after selling 300 shares during the period. Teacher Retirement System of Texas’ holdings in VEREIT were worth $8,521,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Dynamic Advisors Solutions LLC boosted its stake 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 worth $119,000 after buying an additional 127 shares during the last quarter. World Asset Management Inc boosted its stake in VEREIT by 0.4% in the second quarter. World Asset Management Inc now owns 49,401 shares of the financial services provider’s stock worth $402,000 after buying an additional 196 shares during the last quarter. Pacer Advisors Inc. boosted its stake in VEREIT by 3.4% in the first quarter. Pacer Advisors Inc. now owns 15,881 shares of the financial services provider’s stock worth $135,000 after buying an additional 529 shares during the last quarter. V Wealth Management LLC boosted its stake 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. Finally, IFP Advisors Inc boosted its stake in VEREIT by 0.4% in the second quarter. IFP Advisors Inc now owns 167,829 shares of the financial services provider’s stock worth $1,366,000 after buying an additional 657 shares during the last quarter. 84.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of VEREIT Inc. (VER) opened at 8.49 on Tuesday. The firm’s market cap is $8.27 billion. VEREIT Inc. has a 52-week low of $7.44 and a 52-week high of $10.76. The stock has a 50 day moving average price of $8.33 and a 200-day moving average price of $8.39.
VEREIT (NYSE:VER) last posted its 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. The business had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $296.02 million. VEREIT had a negative net margin of 2.72% and a negative return on equity of 0.44%. The business’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period last year, the company earned $0.19 EPS. On average, equities analysts anticipate that VEREIT Inc. will post ($1.70) EPS for the current fiscal year.
VEREIT declared that its board has initiated a stock repurchase plan on Monday, May 15th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.138 dividend. This represents a $0.55 annualized dividend and a yield of 6.50%. The ex-dividend date is Thursday, September 28th. This is a positive change from VEREIT’s previous quarterly dividend of $0.14. VEREIT’s dividend payout ratio is -499.95%.
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VER has been the subject of a number of recent analyst reports. Zacks Investment Research raised 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 cut VEREIT from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Evercore ISI raised VEREIT from an “in-line” rating to an “outperform” rating and set a $9.00 price objective for the company in a research report on Friday, May 5th. Finally, ValuEngine cut VEREIT from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. VEREIT presently has a consensus rating of “Hold” and an average target price of $9.80.
In other VEREIT news, insider William Craig Jr. Miller bought 12,725 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were purchased at an average price of $7.86 per share, with a total value of $100,018.50. Following the completion of the acquisition, the insider now directly owns 223,381 shares of the company’s stock, valued at approximately $1,755,774.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul H. Mcdowell bought 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was acquired at an average cost of $7.51 per share, for a total transaction of $52,570.00. Following the acquisition, the insider now directly owns 289,401 shares of the company’s stock, valued at $2,173,401.51. The disclosure for this purchase can be found here. 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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