VEREIT Inc. (NYSE:VER) Cut to Hold at Zacks Investment Research
VEREIT Inc. (NYSE:VER) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued 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. “
A number of other equities analysts have also recently commented on VER. Evercore ISI reaffirmed an “in-line” rating and set a $9.00 price target on shares of VEREIT in a research note on Wednesday, April 26th. ValuEngine lowered shares of VEREIT from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub lowered shares of VEREIT from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $9.80.
VEREIT (NYSE VER) opened at 8.49 on Thursday. The stock’s 50 day moving average is $8.30 and its 200-day moving average is $8.40. VEREIT has a 52-week low of $7.44 and a 52-week high of $10.76. The stock’s market capitalization is $8.27 billion.
VEREIT (NYSE:VER) last issued its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $296.02 million. During the same period in the previous year, the business earned $0.19 earnings per share. The business’s quarterly revenue was down 9.2% on a year-over-year basis. Equities research analysts anticipate that VEREIT will post ($1.70) EPS for the current fiscal year.
VEREIT announced that its Board of Directors has approved a share buyback plan on Monday, May 15th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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In other news, insider Thomas W. Roberts acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was purchased at an average price of $7.60 per share, with a total value of $114,000.00. Following the completion of the acquisition, the insider now owns 599,876 shares of the company’s stock, valued at approximately $4,559,057.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Craig Jr. Miller acquired 12,725 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was purchased at an average cost of $7.86 per share, with a total value of $100,018.50. Following the acquisition, the insider now directly owns 223,381 shares of the company’s stock, valued at approximately $1,755,774.66. The disclosure for this purchase can be found here. Insiders bought 49,725 shares of company stock valued at $378,489 over the last quarter. Company insiders own 0.09% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Teachers Advisors LLC raised its position in shares of VEREIT by 1.9% in the fourth quarter. Teachers Advisors LLC now owns 1,282,304 shares of the financial services provider’s stock valued at $10,848,000 after buying an additional 23,743 shares during the period. Macquarie Group Ltd. boosted its stake in shares of VEREIT by 40.5% in the fourth quarter. Macquarie Group Ltd. now owns 433,874 shares of the financial services provider’s stock valued at $3,670,000 after buying an additional 125,018 shares during the period. Creative Planning boosted its stake in shares of 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. Quadrant Capital Group LLC boosted its stake in shares of VEREIT by 10.2% in the first quarter. Quadrant Capital Group LLC now owns 12,329 shares of the financial services provider’s stock valued at $101,000 after buying an additional 1,140 shares during the period. Finally, Capstone Asset Management Co. boosted its stake in shares of VEREIT by 4.1% in the first quarter. Capstone Asset Management Co. now owns 18,452 shares of the financial services provider’s stock valued at $157,000 after buying an additional 720 shares during the period. 84.82% of the stock is owned by institutional investors.
VEREIT Company Profile
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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