Q3 2018 EPS Estimates for VEREIT Inc. Reduced by DA Davidson (NYSE:VER)
VEREIT Inc. (NYSE:VER) – DA Davidson reduced their Q3 2018 earnings per share estimates for shares of VEREIT in a report released on Monday. DA Davidson analyst B. Oxford now anticipates that the financial services provider will earn $0.18 per share for the quarter, down from their previous estimate of $0.19. DA Davidson also issued estimates for VEREIT’s FY2018 earnings at $0.73 EPS.
VEREIT (NYSE:VER) last announced its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.16. VEREIT had a negative return on equity of 0.44% and a negative net margin of 2.72%. The firm had revenue of $336.90 million for the quarter, compared to analysts’ expectations of $296.02 million. During the same period last year, the company posted $0.19 earnings per share. The business’s quarterly revenue was down 9.2% on a year-over-year basis.
A number of other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of VEREIT from a “sell” rating to a “hold” rating in a research report on Wednesday, May 10th. Evercore ISI upgraded shares of VEREIT from an “in-line” rating to an “outperform” rating and set a $9.00 price objective on the stock in a research report on Friday, May 5th. BidaskClub upgraded shares of VEREIT from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, ValuEngine lowered shares of VEREIT from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $9.80.
Shares of VEREIT (NYSE:VER) traded down 1.106% during mid-day trading on Wednesday, reaching $8.495. 6,571,827 shares of the company were exchanged. The stock has a 50 day moving average price of $8.28 and a 200-day moving average price of $8.40. VEREIT has a 12 month low of $7.44 and a 12 month high of $10.76. The stock’s market capitalization is $8.27 billion.
Large investors have recently modified their holdings of the company. Strid Group LLC bought a new stake in shares of VEREIT during the second quarter valued at approximately $105,000. Cedar Capital LLC bought a new stake in shares of VEREIT during the second quarter valued at approximately $2,434,000. Westpac Banking Corp raised its stake in shares of VEREIT by 53.8% in the second quarter. Westpac Banking Corp now owns 706,958 shares of the financial services provider’s stock valued at $5,755,000 after buying an additional 247,252 shares during the last quarter. Delta Lloyd Asset Management N.V. bought a new stake in shares of VEREIT during the second quarter valued at approximately $2,341,000. Finally, Swiss National Bank raised its stake in shares of VEREIT by 2.8% in the second quarter. Swiss National Bank now owns 3,549,081 shares of the financial services provider’s stock valued at $28,890,000 after buying an additional 97,300 shares during the last quarter. Institutional investors own 84.82% of the company’s stock.
In related news, insider Paul H. Mcdowell bought 7,000 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $7.51 per share, for a total transaction of $52,570.00. Following the transaction, the insider now owns 289,401 shares of the company’s stock, valued at $2,173,401.51. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas W. Roberts bought 15,000 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were bought at an average price of $7.60 per share, for a total transaction of $114,000.00. Following the completion of the transaction, the insider now directly owns 599,876 shares in the company, valued at approximately $4,559,057.60. The disclosure for this purchase can be found here. Insiders have acquired a total of 49,725 shares of company stock worth $378,489 over the last 90 days. Insiders own 0.09% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $0.138 per share. This is a positive change from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 annualized dividend and a dividend yield of 6.43%. The ex-dividend date of this dividend is Thursday, September 28th. VEREIT’s payout ratio is presently -499.95%.
VEREIT announced that its Board of Directors has approved a stock repurchase program on Monday, May 15th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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