Zacks Investment Research upgraded shares of Vereit (NYSE:VER) from a hold rating to a buy rating in a report published on Saturday, Zacks.com reports. The firm currently has $10.00 price objective on the financial services provider’s stock.
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 reports about the stock. ValuEngine downgraded shares of Verso from a hold rating to a sell rating in a research note on Thursday, May 23rd. Bank of America increased their price objective on shares of Armstrong World Industries from $95.00 to $108.00 and gave the stock a buy rating in a research note on Tuesday, June 11th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $9.30.
Vereit (NYSE:VER) last released its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. Vereit had a negative net margin of 3.83% and a negative return on equity of 0.65%. The business had revenue of $316.84 million for the quarter, compared to the consensus estimate of $307.92 million. During the same period in the prior year, the company posted $0.18 earnings per share. Vereit’s revenue was up .6% compared to the same quarter last year. On average, equities research analysts anticipate that Vereit will post 0.69 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.138 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.55 dividend on an annualized basis and a yield of 6.01%. Vereit’s payout ratio is 76.39%.
A number of institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. grew its stake in Vereit by 47.8% during the fourth quarter. Bessemer Group Inc. now owns 4,174 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,349 shares in the last quarter. Wiley BROS. Aintree Capital LLC lifted its holdings in shares of Vereit by 2.7% in the first quarter. Wiley BROS. Aintree Capital LLC now owns 53,431 shares of the financial services provider’s stock worth $447,000 after acquiring an additional 1,400 shares during the last quarter. Wetherby Asset Management Inc. lifted its holdings in shares of Vereit by 7.6% in the first quarter. Wetherby Asset Management Inc. now owns 22,858 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 1,614 shares during the last quarter. HRT Financial LLC lifted its holdings in shares of Vereit by 10.9% in the fourth quarter. HRT Financial LLC now owns 22,769 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 2,237 shares during the last quarter. Finally, Sigma Planning Corp lifted its holdings in shares of Vereit by 6.6% in the first quarter. Sigma Planning Corp now owns 37,302 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 2,315 shares during the last quarter. Hedge funds and other institutional investors own 91.40% of the company’s stock.
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 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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