Vereit (NYSE:VER) had its price target increased by Morgan Stanley from $9.00 to $9.50 in a report issued on Tuesday, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.
Several other research analysts have also issued reports on VER. Bank of America upgraded shares of Vereit from an underperform rating to a buy rating and increased their price target for the stock from $8.00 to $10.50 in a research note on Tuesday, June 11th. Stifel Nicolaus raised their price objective on shares of Vereit from $9.25 to $9.50 and gave the company a hold rating in a research note on Tuesday, September 10th. Evercore ISI set a $9.00 price objective on shares of Vereit and gave the company a hold rating in a research note on Wednesday, August 7th. ValuEngine lowered shares of Vereit from a buy rating to a hold rating in a research note on Friday, July 19th. Finally, Zacks Investment Research upgraded shares of Vereit from a sell rating to a hold rating in a research note on Wednesday, August 14th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $9.64.
Shares of Vereit stock opened at $9.75 on Tuesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.10 and a quick ratio of 1.10. The company has a 50-day moving average of $9.56 and a 200 day moving average of $8.88. The firm has a market cap of $9.62 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.27 and a beta of 0.53. Vereit has a 1 year low of $6.88 and a 1 year high of $9.94.
Vereit (NYSE:VER) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.10. The company had revenue of $312.10 million during the quarter, compared to analyst estimates of $314.95 million. Vereit had a net margin of 24.69% and a return on equity of 4.23%. Vereit’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $0.18 EPS. On average, equities analysts anticipate that Vereit will post 0.7 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.138 per share. The ex-dividend date is Friday, September 27th. This represents a $0.55 dividend on an annualized basis and a yield of 5.66%. Vereit’s dividend payout ratio is currently 76.39%.
In other Vereit news, insider Thomas W. Roberts sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $9.87, for a total transaction of $246,750.00. Following the completion of the sale, 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 SEC, which can be accessed through the SEC website. 0.22% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Phocas Financial Corp. purchased a new stake in shares of Vereit during the 2nd quarter valued at about $2,468,000. Creative Financial Designs Inc. ADV boosted its holdings in shares of 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 last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Vereit during the 2nd quarter valued at about $32,000. Whittier Trust Co. boosted its holdings in shares of 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 last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of 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 last quarter. 93.39% of the stock is currently owned by hedge funds and other institutional investors.
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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