Connecticut Wealth Management LLC Has $196,000 Position in VEREIT Inc. (VER)
Connecticut Wealth Management LLC maintained its stake in VEREIT Inc. (NYSE:VER) during the second quarter, Holdings Channel reports. The firm owned 24,558 shares of the financial services provider’s stock at the end of the second quarter. Connecticut Wealth Management LLC’s holdings in VEREIT were worth $196,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Macquarie Group Ltd. boosted its position in VEREIT by 40.5% in the fourth quarter. Macquarie Group Ltd. now owns 433,874 shares of the financial services provider’s stock worth $3,670,000 after buying an additional 125,018 shares during the period. Nuveen Asset Management LLC boosted its position in VEREIT by 36.1% in the first quarter. Nuveen Asset Management LLC now owns 3,984,129 shares of the financial services provider’s stock worth $33,825,000 after buying an additional 1,055,773 shares during the period. FIL Ltd boosted its position in VEREIT by 17.3% in the first quarter. FIL Ltd now owns 1,327,981 shares of the financial services provider’s stock worth $11,275,000 after buying an additional 195,417 shares during the period. Dynamic Advisors Solutions LLC boosted its position 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 period. Finally, Penserra Capital Management LLC purchased a new position in VEREIT during the first quarter worth about $200,000. Institutional investors and hedge funds own 84.82% of the company’s stock.
VEREIT Inc. (NYSE VER) opened at 8.49 on Thursday. The company’s market cap is $8.27 billion. VEREIT Inc. has a 12-month low of $7.44 and a 12-month high of $10.76. The firm’s 50-day moving average price is $8.30 and its 200-day moving average price is $8.40.
VEREIT (NYSE:VER) last announced its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.18 by $0.16. VEREIT had a negative net margin of 2.72% and a negative return on equity of 0.44%. The company had revenue of $336.90 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter in the prior year, the company posted $0.19 EPS. VEREIT’s revenue for the quarter was down 9.2% on a year-over-year basis. Equities research analysts forecast that VEREIT Inc. will post ($1.70) earnings per share for the current fiscal year.
VEREIT declared that its Board of Directors has authorized a stock repurchase plan on Monday, May 15th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
The business 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 dividend of $0.138 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.55 annualized dividend and a dividend yield of 6.50%. This is a positive change from VEREIT’s previous quarterly dividend of $0.14. VEREIT’s dividend payout ratio is currently -499.95%.
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VER has been the subject of a number of research reports. Evercore ISI reiterated an “in-line” rating and set a $9.00 target price on shares of VEREIT in a report on Wednesday, April 26th. Zacks Investment Research cut VEREIT from a “hold” rating to a “sell” rating in a report on Wednesday, May 3rd. ValuEngine cut VEREIT from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub cut VEREIT from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $9.80.
In related news, Director Julie Richardson acquired 15,000 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were purchased at an average price of $7.46 per share, for a total transaction of $111,900.00. Following the completion of the acquisition, the director now owns 65,028 shares of the company’s stock, valued at $485,108.88. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul H. Mcdowell acquired 7,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were bought at an average price 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 approximately $2,173,401.51. The disclosure for this purchase can be found here. Insiders have bought 49,725 shares of company stock worth $378,489 in the last quarter. Company 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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