A number of other equities analysts have also recently issued reports on the company. Evercore ISI set a $9.00 price objective on Vereit and gave the stock a hold rating in a report on Wednesday, August 7th. Stifel Nicolaus upped their price objective on Vereit from $9.25 to $9.50 and gave the stock a hold rating in a report on Tuesday, September 10th. Morgan Stanley upped their price objective on Vereit from $9.00 to $9.50 and gave the stock an equal weight rating in a report on Tuesday, September 17th. Zacks Investment Research upgraded Vereit from a sell rating to a hold rating in a report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. upped their price objective on Vereit from $9.00 to $10.00 and gave the stock an overweight rating in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Vereit has an average rating of Hold and a consensus target price of $9.64.
Vereit stock traded up $0.08 during midday trading on Wednesday, hitting $10.05. 18,522,058 shares of the company’s stock were exchanged, compared to its average volume of 10,161,953. Vereit has a 52-week low of $6.88 and a 52-week high of $10.13. The stock has a 50-day moving average price of $9.67 and a two-hundred day moving average price of $9.01. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $9.78 billion, a P/E ratio of 13.96, a PEG ratio of 1.38 and a beta of 0.51.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.138 dividend. This represents a $0.55 dividend on an annualized basis and a dividend yield of 5.49%. The ex-dividend date of this dividend is Friday, September 27th. Vereit’s payout ratio is currently 76.39%.
In other news, insider Thomas W. Roberts sold 25,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $9.87, for a total value of $246,750.00. Following the completion of the transaction, the insider now directly owns 433,478 shares in the company, valued at approximately $4,278,427.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.22% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of VER. Phocas Financial Corp. purchased a new stake in Vereit during the 2nd quarter valued at about $25,000. Creative Financial Designs Inc. ADV boosted its holdings in Vereit by 268.3% during the 2nd quarter. Creative Financial Designs Inc. ADV now owns 3,370 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 2,455 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in Vereit during the 2nd quarter valued at about $32,000. Whittier Trust Co. boosted its holdings in Vereit by 2,228.1% during the 2nd quarter. Whittier Trust Co. now owns 9,033 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 8,645 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in Vereit by 274.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,000 shares of the financial services provider’s stock valued at $90,000 after acquiring an additional 7,332 shares during the period. Institutional investors own 93.39% of the company’s stock.
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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