Teachers Insurance & Annuity Association of America trimmed its holdings in shares of Vereit Inc (NYSE:VER) by 60.9% during the second quarter, Holdings Channel.com reports. The fund owned 352,927 shares of the financial services provider’s stock after selling 549,427 shares during the quarter. Teachers Insurance & Annuity Association of America’s holdings in Vereit were worth $3,179,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in VER. Creative Financial Designs Inc. ADV grew its stake in Vereit by 268.3% during the second quarter. Creative Financial Designs Inc. ADV now owns 3,370 shares of the financial services provider’s stock worth $31,000 after buying an additional 2,455 shares in the last quarter. Whittier Trust Co. boosted its position in shares of Vereit by 2,228.1% during the 2nd quarter. Whittier Trust Co. now owns 9,033 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 8,645 shares in the last quarter. Zions Bancorporation N.A. increased its stake in Vereit by 39.1% in the first quarter. Zions Bancorporation N.A. now owns 10,378 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 2,918 shares during the last quarter. Checchi Capital Advisers LLC bought a new position in Vereit in the first quarter valued at approximately $90,000. Finally, Fisher Asset Management LLC acquired a new position in Vereit during the second quarter valued at approximately $98,000. 93.35% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have weighed in on VER. JPMorgan Chase & Co. upped their target price on Vereit from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Morgan Stanley assumed coverage on Vereit in a report on Monday, August 5th. They set an “equal weight” rating and a $9.00 price target for the company. TheStreet upgraded Vereit from a “c” rating to a “b-” rating in a research report on Friday, August 9th. Zacks Investment Research raised Vereit from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, Bank of America raised Vereit from an “underperform” rating to a “buy” rating and raised their price objective for the company from $8.00 to $10.50 in a research note on Tuesday, June 11th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $9.57.
Vereit (NYSE:VER) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. The firm had revenue of $312.10 million for the quarter, compared to analyst estimates of $314.95 million. Vereit had a net margin of 24.69% and a return on equity of 4.23%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $0.18 earnings per share. On average, analysts forecast that Vereit Inc will post 0.7 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.138 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.55 annualized dividend and a dividend yield of 5.71%. Vereit’s dividend payout ratio (DPR) is presently 76.39%.
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 total real estate investments of $15.6 billion including approximately 4,000 properties and 94.7 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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