Zacks Investment Research upgraded shares of Vereit (NYSE:VER) from a hold rating to a buy rating in a research report report published on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $10.00 price target 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 analysts have also issued reports about the company. ValuEngine lowered Verso from a hold rating to a sell rating in a research note on Thursday, May 23rd. Bank of America lifted their price objective on 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 issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $9.30.
Vereit (NYSE:VER) last posted its earnings results on Wednesday, May 8th. The financial services provider reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The company had revenue of $316.84 million for the quarter, compared to analyst estimates of $307.92 million. Vereit had a negative return on equity of 0.65% and a negative net margin of 3.83%. The business’s revenue was up .6% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. On average, analysts forecast that Vereit will post 0.69 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.138 per share. The ex-dividend date is Thursday, June 27th. This represents a $0.55 annualized dividend and a yield of 6.05%. Vereit’s dividend payout ratio is 76.39%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Vereit by 1.5% during the first quarter. BlackRock Inc. now owns 85,218,578 shares of the financial services provider’s stock valued at $713,279,000 after purchasing an additional 1,286,013 shares in the last quarter. FMR LLC boosted its holdings in shares of Vereit by 0.7% in the 1st quarter. FMR LLC now owns 39,146,376 shares of the financial services provider’s stock worth $327,655,000 after acquiring an additional 284,865 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Vereit by 4.3% in the 1st quarter. LSV Asset Management now owns 25,459,794 shares of the financial services provider’s stock worth $213,098,000 after acquiring an additional 1,058,300 shares in the last quarter. Norges Bank acquired a new position in shares of Vereit in the 4th quarter worth approximately $80,836,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Vereit by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 9,374,117 shares of the financial services provider’s stock worth $66,980,000 after acquiring an additional 581,958 shares in the last quarter. 91.38% of the stock is currently owned by institutional investors.
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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