Martingale Asset Management L P Purchases New Position in VEREIT Inc. (VER)
Martingale Asset Management L P purchased a new position in shares of VEREIT Inc. (NYSE:VER) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 162,428 shares of the financial services provider’s stock, valued at approximately $1,323,000.
A number of other institutional investors and hedge funds have also made changes to their positions in VER. Capstone Asset Management Co. lifted its stake in VEREIT by 4.1% during the first quarter. Capstone Asset Management Co. now owns 18,452 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 720 shares during the period. Wells Fargo & Company MN lifted its stake in VEREIT by 43.6% during the first quarter. Wells Fargo & Company MN now owns 1,155,719 shares of the financial services provider’s stock worth $9,811,000 after purchasing an additional 350,949 shares during the period. US Bancorp DE lifted its stake in VEREIT by 2.4% during the first quarter. US Bancorp DE now owns 67,927 shares of the financial services provider’s stock worth $576,000 after purchasing an additional 1,613 shares during the period. Comerica Bank lifted its stake in VEREIT by 12.2% during the first quarter. Comerica Bank now owns 87,810 shares of the financial services provider’s stock worth $752,000 after purchasing an additional 9,534 shares during the period. Finally, World Asset Management Inc lifted its stake in VEREIT by 2.5% during the first quarter. World Asset Management Inc now owns 49,205 shares of the financial services provider’s stock worth $418,000 after purchasing an additional 1,178 shares during the period. Hedge funds and other institutional investors own 85.99% of the company’s stock.
VEREIT Inc. (VER) opened at 8.40 on Friday. The company’s market cap is $8.18 billion. The stock has a 50 day moving average of $8.53 and a 200-day moving average of $8.36. VEREIT Inc. has a 1-year low of $7.44 and a 1-year high of $10.44.
VEREIT (NYSE:VER) last issued its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $336.90 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period last year, the company posted $0.19 EPS. The business’s revenue was down 9.2% on a year-over-year basis. On average, equities research analysts predict that VEREIT Inc. will post ($1.70) earnings per share for the current year.
The company also recently declared 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. This represents a $0.55 dividend on an annualized basis and a dividend yield of 6.57%. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from VEREIT’s previous quarterly dividend of $0.14. VEREIT’s dividend payout ratio is -499.95%.
A number of research analysts have commented on VER shares. Zacks Investment Research upgraded shares of VEREIT from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research note on Wednesday, July 19th. BidaskClub cut shares of VEREIT from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, ValuEngine cut shares of VEREIT from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $9.80.
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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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