VEREIT Inc. (VER) Shares Sold by Russell Investments Group Ltd.
Russell Investments Group Ltd. reduced its stake in shares of VEREIT Inc. (NYSE:VER) by 33.8% during the second quarter, Holdings Channel reports. The fund owned 1,238,263 shares of the financial services provider’s stock after selling 632,425 shares during the period. Russell Investments Group Ltd.’s holdings in VEREIT were worth $10,087,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of VEREIT by 2.5% in the first quarter. Vanguard Group Inc. now owns 155,944,544 shares of the financial services provider’s stock valued at $1,323,969,000 after buying an additional 3,799,549 shares during the last quarter. BlackRock Inc. raised its position in shares of VEREIT by 3,227.7% in the first quarter. BlackRock Inc. now owns 76,790,678 shares of the financial services provider’s stock valued at $651,955,000 after buying an additional 74,483,066 shares during the last quarter. Lasalle Investment Management Securities LLC raised its position in shares of 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 valued at $136,940,000 after buying an additional 6,783,213 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of VEREIT by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 12,868,146 shares of the financial services provider’s stock valued at $109,250,000 after buying an additional 582,551 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of VEREIT by 43.9% in the first quarter. Morgan Stanley now owns 10,594,933 shares of the financial services provider’s stock valued at $89,951,000 after buying an additional 3,229,897 shares during the last quarter. 84.50% of the stock is owned by hedge funds and other institutional investors.
VEREIT Inc. (VER) traded down 1.18% during trading on Tuesday, reaching $8.39. 2,973,253 shares of the company’s stock were exchanged. 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 of $8.33 and a 200-day moving average of $8.39. The stock’s market capitalization is $8.17 billion.
VEREIT (NYSE:VER) last posted its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.16. The firm had revenue of $336.90 million during the quarter, compared to analyst estimates of $296.02 million. VEREIT had a negative net margin of 2.72% and a negative return on equity of 0.44%. VEREIT’s revenue was down 9.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 earnings per share. On average, equities research analysts anticipate that VEREIT Inc. will post ($1.70) EPS for the current 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 issued a $0.138 dividend. This is an increase from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 annualized dividend and a dividend yield of 6.50%. The ex-dividend date is Thursday, September 28th. VEREIT’s dividend payout ratio is presently -499.95%.
VEREIT announced that its board has authorized a stock buyback plan on Monday, May 15th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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VER has been the subject of several research analyst reports. Evercore ISI reaffirmed an “in-line” rating and issued a $9.00 price objective on shares of VEREIT in a research report on Wednesday, April 26th. Zacks Investment Research lowered shares of VEREIT from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. BidaskClub raised shares of VEREIT from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, ValuEngine lowered shares of 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 given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.80.
In other news, insider William Craig Jr. Miller acquired 12,725 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was acquired at an average cost of $7.86 per share, with a total value of $100,018.50. Following the completion of the acquisition, the insider now owns 223,381 shares of the company’s stock, valued at $1,755,774.66. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul H. Mcdowell acquired 7,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was purchased at an average cost of $7.51 per share, with a total value of $52,570.00. Following the completion of the acquisition, the insider now directly owns 289,401 shares of the company’s stock, valued at approximately $2,173,401.51. The disclosure for this purchase can be found here. 0.09% of the stock is currently owned by corporate 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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