Wedbush Securities Inc. cut its stake in shares of VEREIT Inc. (NYSE:VER) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 46,252 shares of the financial services provider’s stock after selling 947 shares during the period. Wedbush Securities Inc.’s holdings in VEREIT were worth $376,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Paragon Capital Management Ltd purchased a new stake in VEREIT during the first quarter valued at $508,000. Stratos Wealth Partners LTD. purchased a new stake in VEREIT during the first quarter valued at $105,000. Creative Planning boosted its stake in VEREIT by 9.0% in the first quarter. Creative Planning now owns 13,009 shares of the financial services provider’s stock valued at $110,000 after buying an additional 1,069 shares during the period. 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 valued at $119,000 after buying an additional 578 shares during the period. Finally, IBM Retirement Fund boosted its stake in VEREIT by 31.3% in the second quarter. IBM Retirement Fund now owns 14,253 shares of the financial services provider’s stock valued at $116,000 after buying an additional 3,395 shares during the period. 84.50% of the stock is owned by institutional investors and hedge funds.
VEREIT Inc. (NYSE VER) opened at 8.52 on Friday. The company’s 50 day moving average is $8.35 and its 200-day moving average is $8.40. VEREIT Inc. has a 52-week low of $7.44 and a 52-week high of $10.76. The stock’s market cap is $8.30 billion.
VEREIT (NYSE:VER) last issued its quarterly 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. 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 for the quarter, compared to analyst estimates of $296.02 million. During the same period last year, the company posted $0.19 EPS. The business’s revenue for the quarter was down 9.2% on a year-over-year basis. On average, equities analysts anticipate that VEREIT Inc. will post ($1.70) earnings per share for the current year.
VEREIT declared that its Board of Directors has approved a stock repurchase program on Monday, May 15th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a dividend of $0.138 per share. This is a positive change from VEREIT’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. This represents a $0.55 annualized dividend and a yield of 6.48%. VEREIT’s dividend payout ratio is -499.95%.
Several analysts have recently weighed in on the stock. Zacks Investment Research cut shares of VEREIT from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. BidaskClub cut shares of VEREIT from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Evercore ISI reissued an “in-line” rating and issued a $9.00 price target on shares of VEREIT in a research note on Wednesday, April 26th. Finally, ValuEngine cut shares of VEREIT from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. VEREIT currently has an average rating of “Hold” and an average price target of $9.80.
In related news, insider William Craig Jr. Miller purchased 12,725 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was purchased at an average price of $7.86 per share, with a total value of $100,018.50. Following the completion of the transaction, the insider now 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 the SEC website. 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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