Glenmede Trust Co. NA maintained its position in shares of VEREIT Inc. (NYSE:VER) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,860 shares of the financial services provider’s stock at the end of the first quarter. Glenmede Trust Co. NA’s holdings in VEREIT were worth $1,115,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in VER. BlackRock Inc. increased its position in VEREIT by 3,227.7% in the first quarter. BlackRock Inc. now owns 76,790,678 shares of the financial services provider’s stock worth $651,955,000 after buying an additional 74,483,066 shares during the period. Norges Bank bought a new position in VEREIT during the fourth quarter worth $78,130,000. Lasalle Investment Management Securities LLC increased its position in VEREIT by 72.6% in the first quarter. Lasalle Investment Management Securities LLC now owns 16,129,586 shares of the financial services provider’s stock worth $136,940,000 after buying an additional 6,783,213 shares during the period. Canada Pension Plan Investment Board increased its position in VEREIT by 341.4% in the first quarter. Canada Pension Plan Investment Board now owns 8,540,950 shares of the financial services provider’s stock worth $72,513,000 after buying an additional 6,605,900 shares during the period. Finally, Vanguard Group Inc. increased its position in VEREIT by 2.5% in the first quarter. Vanguard Group Inc. now owns 155,944,544 shares of the financial services provider’s stock worth $1,323,969,000 after buying an additional 3,799,549 shares during the period. Hedge funds and other institutional investors own 85.94% of the company’s stock.
VEREIT Inc. (VER) traded down 0.60% during mid-day trading on Friday, hitting $8.27. The company’s stock had a trading volume of 7,988,134 shares. The firm has a 50 day moving average of $8.27 and a 200-day moving average of $8.41. VEREIT Inc. has a 52-week low of $7.44 and a 52-week high of $11.09. The firm’s market cap is $8.05 billion.
VEREIT (NYSE:VER) last issued its quarterly earnings results on Thursday, May 4th. The financial services provider reported $0.19 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.01. The business had revenue of $348.03 million for the quarter, compared to analysts’ expectations of $297.94 million. VEREIT had a negative net margin of 4.77% and a negative return on equity of 0.80%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.21 earnings per share. On average, equities research analysts expect that VEREIT Inc. will post ($1.70) EPS for the current fiscal year.
VEREIT announced that its board has authorized a share buyback program on Monday, May 15th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a dividend of $0.1375 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.55 dividend on an annualized basis and a yield of 6.65%. VEREIT’s dividend payout ratio (DPR) is currently -366.67%.
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VER has been the topic of a number of analyst reports. Zacks Investment Research raised VEREIT from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research note on Wednesday, July 19th. Evercore ISI raised VEREIT from an “in-line” rating to an “outperform” rating and set a $9.00 price objective on the stock in a research note on Friday, May 5th. BidaskClub downgraded VEREIT from a “hold” rating to a “sell” rating in a research note on Friday. Finally, ValuEngine downgraded VEREIT from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.80.
In related news, insider William Craig Jr. Miller acquired 12,725 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were purchased at an average price of $7.86 per share, for a total transaction of $100,018.50. Following the completion of the acquisition, the insider now owns 223,381 shares of the company’s stock, valued at $1,755,774.66. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Glenn J. Rufrano acquired 32,000 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were bought at an average price of $7.81 per share, for a total transaction of $249,920.00. Following the acquisition, the chief executive officer now directly owns 1,962,657 shares of the company’s stock, valued at approximately $15,328,351.17. The disclosure for this purchase can be found here. Insiders have acquired 91,725 shares of company stock worth $706,509 in the last ninety days. Insiders own 0.09% of the company’s stock.
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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