Legal & General Group Plc Has $52.73 Million Stake in VEREIT Inc. (VER)
Legal & General Group Plc boosted its position in VEREIT Inc. (NYSE:VER) by 4.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,477,182 shares of the financial services provider’s stock after buying an additional 292,297 shares during the period. Legal & General Group Plc owned 0.67% of VEREIT worth $52,727,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the company. Green Street Investors LLC bought a new stake in VEREIT during the second quarter worth approximately $9,980,000. State of Wisconsin Investment Board boosted its stake in VEREIT by 31.6% in the second quarter. State of Wisconsin Investment Board now owns 1,262,810 shares of the financial services provider’s stock worth $10,279,000 after buying an additional 303,009 shares during the last quarter. Dupont Capital Management Corp boosted its stake in VEREIT by 128.1% in the second quarter. Dupont Capital Management Corp now owns 213,088 shares of the financial services provider’s stock worth $1,735,000 after buying an additional 119,663 shares during the last quarter. Conning Inc. bought a new stake in VEREIT during the second quarter worth approximately $3,386,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in VEREIT by 18.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 573,255 shares of the financial services provider’s stock worth $4,666,000 after buying an additional 88,138 shares during the last quarter. Institutional investors and hedge funds own 86.02% of the company’s stock.
VEREIT Inc. (NYSE VER) opened at 8.54 on Monday. The stock’s 50 day moving average is $8.40 and its 200-day moving average is $8.40. VEREIT Inc. has a one year low of $7.44 and a one year high of $10.76. The firm’s market capitalization is $8.32 billion.
VEREIT (NYSE:VER) last announced its earnings results on Thursday, August 3rd. The financial services provider reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.16. The firm had revenue of $336.90 million during the quarter, compared to the consensus estimate of $296.02 million. VEREIT had a negative return on equity of 0.44% and a negative net margin of 2.72%. The business’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 earnings per share. On average, analysts anticipate that VEREIT Inc. will post ($1.70) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.138 dividend. The ex-dividend date is Thursday, September 28th. This is an increase from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 dividend on an annualized basis and a yield of 6.46%. VEREIT’s payout ratio is currently -499.95%.
VEREIT declared that its Board of Directors has approved a share buyback program on Monday, May 15th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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A number of equities research analysts have commented on the stock. Zacks Investment Research cut shares of VEREIT from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. BidaskClub cut shares of VEREIT from a “hold” rating to a “sell” rating in a report on Friday, July 28th. ValuEngine cut shares of VEREIT from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Evercore ISI upgraded shares of VEREIT to an “outperform” rating and set a $9.00 price objective for the company in a report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. VEREIT presently has an average rating of “Hold” and an average price target of $9.80.
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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