Zacks Investment Research upgraded shares of Vereit (NYSE:VER) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. Zacks Investment Research currently has $7.25 target price 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. “
Several other brokerages have also issued reports on VER. ValuEngine lowered Vereit from a hold rating to a sell rating in a report on Thursday, April 2nd. Morgan Stanley cut their price objective on Vereit from $9.50 to $5.80 and set an equal weight rating for the company in a report on Monday, May 4th. Finally, Berenberg Bank assumed coverage on Vereit in a report on Friday, July 10th. They set a hold rating and a $6.75 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $8.79.
Vereit (NYSE:VER) last released its quarterly earnings data on Wednesday, May 20th. The financial services provider reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.09). The company had revenue of $299.20 million for the quarter, compared to the consensus estimate of $301.11 million. Vereit had a negative return on equity of 4.05% and a negative net margin of 23.19%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 earnings per share. On average, equities research analysts anticipate that Vereit will post 0.62 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.077 dividend. The ex-dividend date was Monday, June 29th. This represents a $0.31 dividend on an annualized basis and a dividend yield of 4.73%. Vereit’s payout ratio is 44.93%.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp increased its holdings in Vereit by 102.4% during the 4th quarter. Stifel Financial Corp now owns 22,390 shares of the financial services provider’s stock worth $207,000 after purchasing an additional 11,329 shares in the last quarter. First Republic Investment Management Inc. increased its stake in Vereit by 40.6% in the fourth quarter. First Republic Investment Management Inc. now owns 33,229 shares of the financial services provider’s stock valued at $307,000 after acquiring an additional 9,603 shares during the last quarter. AQR Capital Management LLC increased its stake in Vereit by 1.7% in the fourth quarter. AQR Capital Management LLC now owns 130,662 shares of the financial services provider’s stock valued at $1,207,000 after acquiring an additional 2,122 shares during the last quarter. Geode Capital Management LLC increased its stake in Vereit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 12,377,598 shares of the financial services provider’s stock valued at $114,268,000 after acquiring an additional 558,408 shares during the last quarter. Finally, National Pension Service bought a new stake in shares of Vereit during the fourth quarter worth $850,000. Institutional investors and hedge funds own 93.24% 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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