VEREIT Inc. (VER) Downgraded by Zacks Investment Research to Sell
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.
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.
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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