Zacks Investment Research cut shares of Vereit (NYSE:VER) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
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. “
Other equities research analysts also recently issued research reports about the company. ValuEngine upgraded Vereit from a sell rating to a hold rating in a research report on Saturday, August 18th. Robert W. Baird assumed coverage on Vereit in a research report on Monday, October 22nd. They issued an outperform rating and a $9.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on Vereit from $8.00 to $9.00 and gave the stock an overweight rating in a research report on Monday, September 17th. Finally, Mizuho set a $8.00 price objective on Vereit and gave the stock a hold rating in a research report on Monday, August 13th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Vereit presently has a consensus rating of Hold and an average target price of $8.70.
Vereit (NYSE:VER) last issued its quarterly earnings data on Tuesday, November 6th. The financial services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.27). Vereit had a negative return on equity of 1.53% and a negative net margin of 11.51%. The business had revenue of $289.03 million during the quarter, compared to analysts’ expectations of $291.19 million. During the same quarter last year, the business posted $0.18 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts predict that Vereit will post 0.72 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be paid a $0.1375 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.55 dividend on an annualized basis and a yield of 7.33%. Vereit’s dividend payout ratio is presently 78.57%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Vereit by 1.9% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 377,291 shares of the financial services provider’s stock valued at $2,739,000 after acquiring an additional 6,928 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its stake in Vereit by 5.3% in the third quarter. Nissay Asset Management Corp Japan ADV now owns 154,228 shares of the financial services provider’s stock valued at $1,120,000 after acquiring an additional 7,770 shares during the last quarter. Toronto Dominion Bank increased its stake in Vereit by 8.3% in the third quarter. Toronto Dominion Bank now owns 105,186 shares of the financial services provider’s stock valued at $763,000 after acquiring an additional 8,084 shares during the last quarter. Kovack Advisors Inc. increased its stake in Vereit by 54.8% in the third quarter. Kovack Advisors Inc. now owns 23,274 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 8,235 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in Vereit by 0.5% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,872,900 shares of the financial services provider’s stock valued at $13,934,000 after acquiring an additional 8,400 shares during the last quarter. 87.31% of the stock is currently owned by institutional investors and hedge funds.
Vereit Company Profile
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. The Company has a total asset book value of $14.3 billion including approximately 4,000 properties and 94.6 million square feet. VEREIT's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties.
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