VEREIT Inc. (NYSE:VER) Position Held by Cullen Frost Bankers Inc.
Cullen Frost Bankers Inc. continued to hold its stake in VEREIT Inc. (NYSE:VER) during the second quarter, Holdings Channel reports. The firm owned 30,614 shares of the financial services provider’s stock at the end of the second quarter. Cullen Frost Bankers Inc.’s holdings in VEREIT were worth $249,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in VER. IFP Advisors Inc raised its stake in VEREIT by 0.4% in the second quarter. IFP Advisors Inc now owns 167,829 shares of the financial services provider’s stock valued at $1,366,000 after buying an additional 657 shares in the last quarter. Stratos Wealth Partners LTD. raised its stake in VEREIT by 18.1% in the second quarter. Stratos Wealth Partners LTD. now owns 14,550 shares of the financial services provider’s stock valued at $118,000 after buying an additional 2,234 shares in the last quarter. Sei Investments Co. raised its stake in VEREIT by 29.4% in the second quarter. Sei Investments Co. now owns 1,274,827 shares of the financial services provider’s stock valued at $10,377,000 after buying an additional 289,883 shares in the last quarter. World Asset Management Inc raised its stake in VEREIT by 0.4% in the second quarter. World Asset Management Inc now owns 49,401 shares of the financial services provider’s stock valued at $402,000 after buying an additional 196 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in VEREIT by 13.6% in the second quarter. Daiwa Securities Group Inc. now owns 173,324 shares of the financial services provider’s stock valued at $1,411,000 after buying an additional 20,700 shares in the last quarter. 84.82% of the stock is owned by institutional investors and hedge funds.
VEREIT Inc. (VER) opened at 8.49 on Thursday. VEREIT Inc. has a 1-year low of $7.44 and a 1-year high of $10.76. The stock has a 50 day moving average price of $8.30 and a 200-day moving average price of $8.40. The company’s market cap is $8.27 billion.
VEREIT (NYSE:VER) last posted its earnings results on Thursday, August 3rd. The financial services provider reported $0.02 EPS for the quarter, missing the Zacks’ 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 business had revenue of $336.90 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter last year, the business earned $0.19 earnings per share. VEREIT’s revenue was down 9.2% on a year-over-year basis. On average, equities research analysts forecast that VEREIT Inc. will post ($1.70) EPS for the current year.
VEREIT announced that its board has initiated a stock buyback program on Monday, May 15th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.138 per share. The ex-dividend date is Thursday, September 28th. This is a boost from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 dividend on an annualized basis and a dividend yield of 6.50%. VEREIT’s dividend payout ratio (DPR) is -499.95%.
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Several analysts have issued reports on the company. BidaskClub lowered VEREIT from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Zacks Investment Research raised VEREIT from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a report on Wednesday, July 19th. ValuEngine lowered VEREIT from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Evercore ISI raised VEREIT to an “outperform” rating and set a $9.00 price target for the company in a report on Monday, May 15th. 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 presently has a consensus rating of “Hold” and a consensus target price of $9.80.
In other VEREIT news, insider William Craig Jr. Miller bought 12,725 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were purchased at an average cost of $7.86 per share, for a total transaction of $100,018.50. Following the transaction, the insider now directly owns 223,381 shares of the company’s stock, valued at $1,755,774.66. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul H. Mcdowell bought 7,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were acquired at an average price of $7.51 per share, for a total transaction of $52,570.00. Following the completion of the transaction, the insider now directly owns 289,401 shares in the company, valued at $2,173,401.51. The disclosure for this purchase can be found here. Insiders have bought a total of 49,725 shares of company stock worth $378,489 over the last 90 days. Insiders own 0.09% of the company’s stock.
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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