Manning & Napier Group LLC lessened its position in shares of Vereit Inc (NYSE:VER) by 1.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 671,810 shares of the financial services provider’s stock after selling 12,385 shares during the period. Manning & Napier Group LLC owned about 0.07% of Vereit worth $6,569,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in VER. Brookfield Asset Management Inc. bought a new position in Vereit during the 2nd quarter worth about $113,466,000. Cohen & Steers Inc. grew its holdings in shares of Vereit by 8.8% in the 2nd quarter. Cohen & Steers Inc. now owns 117,357,389 shares of the financial services provider’s stock valued at $1,057,390,000 after acquiring an additional 9,453,214 shares in the last quarter. APG Asset Management N.V. grew its holdings in shares of Vereit by 569.7% in the 2nd quarter. APG Asset Management N.V. now owns 7,350,400 shares of the financial services provider’s stock valued at $58,155,000 after acquiring an additional 6,252,800 shares in the last quarter. AMP Capital Investors Ltd grew its holdings in shares of Vereit by 565.5% in the 2nd quarter. AMP Capital Investors Ltd now owns 5,400,459 shares of the financial services provider’s stock valued at $48,011,000 after acquiring an additional 4,588,996 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Vereit by 60.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,928,782 shares of the financial services provider’s stock valued at $71,088,000 after acquiring an additional 2,974,832 shares in the last quarter. Hedge funds and other institutional investors own 93.39% of the company’s stock.
In related news, insider Thomas W. Roberts sold 25,000 shares of Vereit stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $9.87, for a total transaction of $246,750.00. Following the completion of the transaction, the insider now owns 433,478 shares in the company, valued at $4,278,427.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.22% of the company’s stock.
Vereit (NYSE:VER) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.10. Vereit had a return on equity of 4.23% and a net margin of 24.69%. The company had revenue of $312.10 million during the quarter, compared to analysts’ expectations of $314.95 million. During the same quarter last year, the company earned $0.18 EPS. Vereit’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, sell-side analysts expect that Vereit Inc will post 0.69 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.138 per share. This represents a $0.55 dividend on an annualized basis and a yield of 5.66%. The ex-dividend date of this dividend is Friday, September 27th. Vereit’s payout ratio is currently 76.39%.
Several equities analysts have recently weighed in on the company. Morgan Stanley raised their price objective on Vereit from $9.00 to $9.50 and gave the company an “equal weight” rating in a report on Tuesday, September 17th. TheStreet upgraded Vereit from a “c” rating to a “b-” rating in a report on Friday, August 9th. Stifel Nicolaus raised their price objective on Vereit from $9.25 to $9.50 and gave the company a “hold” rating in a report on Tuesday, September 10th. Evercore ISI set a $9.00 price objective on Vereit and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, ValuEngine cut Vereit from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $9.79.
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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