Orinda Asset Management LLC increased its position in shares of VEREIT Inc. (NYSE:VER) by 50.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 534,500 shares of the financial services provider’s stock after buying an additional 179,500 shares during the period. VEREIT accounts for about 3.4% of Orinda Asset Management LLC’s investment portfolio, making the stock its 11th largest position. Orinda Asset Management LLC owned about 0.05% of VEREIT worth $4,351,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bartlett & Co. LLC bought a new position in shares of VEREIT during the second quarter worth about $492,000. Oregon Public Employees Retirement Fund boosted its position in shares of VEREIT by 88.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 771,851 shares of the financial services provider’s stock worth $6,283,000 after buying an additional 362,400 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in shares of VEREIT by 508.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 158,146 shares of the financial services provider’s stock worth $1,287,000 after buying an additional 132,166 shares during the last quarter. Financial & Investment Management Group Ltd. boosted its position in shares of VEREIT by 118.8% in the second quarter. Financial & Investment Management Group Ltd. now owns 682,302 shares of the financial services provider’s stock worth $5,554,000 after buying an additional 370,502 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of VEREIT by 1,149.0% in the second quarter. Meeder Asset Management Inc. now owns 28,914 shares of the financial services provider’s stock worth $235,000 after buying an additional 26,599 shares during the last quarter. 85.94% of the stock is owned by institutional investors.
Shares of VEREIT Inc. (VER) traded down 0.60% during mid-day trading on Friday, hitting $8.27. The stock had a trading volume of 7,988,134 shares. The stock’s 50-day moving average price is $8.27 and its 200 day moving average price is $8.41. VEREIT Inc. has a 1-year low of $7.44 and a 1-year high of $11.09. The company’s market capitalization is $8.05 billion.
VEREIT (NYSE:VER) last posted its earnings results on Thursday, May 4th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. The firm had revenue of $348.03 million during the quarter, compared to the consensus estimate of $297.94 million. VEREIT had a negative return on equity of 0.80% and a negative net margin of 4.77%. The business’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period last year, the company earned $0.21 earnings per share. On average, analysts predict that VEREIT Inc. will post ($1.70) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a $0.1375 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.55 annualized dividend and a yield of 6.65%. VEREIT’s dividend payout ratio is presently -366.67%.
VEREIT announced that its Board of Directors has authorized a stock repurchase plan on Monday, May 15th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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A number of research analysts have issued reports on the company. BidaskClub cut VEREIT from a “hold” rating to a “sell” rating in a report on Friday. Zacks Investment Research upgraded VEREIT from a “hold” rating to a “buy” rating and set a $9.50 target price for the company in a research note on Wednesday, July 19th. ValuEngine lowered VEREIT from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Evercore ISI upgraded VEREIT to an “outperform” rating and set a $9.00 target price for the company in a research note on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $9.80.
In other news, Director Julie Richardson bought 15,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was purchased at an average cost of $7.46 per share, for a total transaction of $111,900.00. Following the completion of the transaction, the director now owns 65,028 shares of the company’s stock, valued at $485,108.88. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider William Craig Jr. Miller purchased 12,725 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was bought at an average cost of $7.86 per share, with a total value of $100,018.50. Following the purchase, the insider now owns 223,381 shares of the company’s stock, valued at approximately $1,755,774.66. The disclosure for this purchase can be found here. Insiders acquired 91,725 shares of company stock valued at $706,509 over the last quarter. Corporate insiders own 0.09% of the company’s stock.
VEREIT Company Profile
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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