Zacks Investment Research cut shares of VEREIT Inc. (NYSE:VER) from a hold rating to a sell rating in a report released on Thursday.

According to Zacks, “VEREIT, Inc. is a real estate operating company. The Company owns and manages a diversified portfolio of retail, restaurant, office and industrial real estate assets. VEREIT, Inc., formerly known as American Realty Capital Properties Inc., is based in Phoenix, United States. “

Separately, BidaskClub lowered shares of VEREIT from a hold rating to a sell rating in a research report on Saturday, June 24th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $9.80.

VEREIT (NYSE:VER) traded down 0.72% during mid-day trading on Thursday, reaching $8.29. 9,573,036 shares of the company’s stock were exchanged. The stock’s market capitalization is $8.07 billion. VEREIT has a 1-year low of $7.44 and a 1-year high of $9.84. The firm’s 50-day moving average is $8.50 and its 200 day moving average is $8.36.

VEREIT (NYSE:VER) last announced its quarterly 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). 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 firm’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same period last year, the company earned $0.19 EPS. Analysts forecast that VEREIT will post ($1.70) earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders 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 6.66%. The ex-dividend date is Thursday, September 28th. This is a positive change from VEREIT’s previous quarterly dividend of $0.14. VEREIT’s payout ratio is currently -499.95%.

Several large investors have recently bought and sold shares of VER. Comerica Bank raised its position in shares of VEREIT by 12.2% in the first quarter. Comerica Bank now owns 87,810 shares of the financial services provider’s stock valued at $752,000 after buying an additional 9,534 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in VEREIT by 22.8% during the first quarter. UBS Asset Management Americas Inc. now owns 7,097,640 shares of the financial services provider’s stock worth $60,259,000 after purchasing an additional 1,317,648 shares during the last quarter. Pacer Advisors Inc. increased its position in VEREIT by 3.4% during the first quarter. Pacer Advisors Inc. now owns 15,881 shares of the financial services provider’s stock worth $135,000 after purchasing an additional 529 shares during the last quarter. PNC Financial Services Group Inc. increased its position in VEREIT by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 36,718 shares of the financial services provider’s stock worth $312,000 after purchasing an additional 1,478 shares during the last quarter. Finally, Global X Management Co. LLC increased its position in VEREIT by 10.4% during the first quarter. Global X Management Co. LLC now owns 1,033,167 shares of the financial services provider’s stock worth $8,772,000 after purchasing an additional 97,232 shares during the last quarter. 85.99% of the stock is owned by institutional investors and hedge funds.

About VEREIT

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.

Analyst Recommendations for VEREIT (NYSE:VER)

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