Proxima Capital Management LLC lifted its position in shares of VEREIT Inc. (NYSE:VER) by 22.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 678,510 shares of the financial services provider’s stock after acquiring an additional 123,000 shares during the quarter. VEREIT makes up about 3.0% of Proxima Capital Management LLC’s investment portfolio, making the stock its 12th largest position. Proxima Capital Management LLC owned approximately 0.07% of VEREIT worth $5,523,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Glendon Capital Management LP raised its position in shares of VEREIT by 5.5% during the second quarter. Glendon Capital Management LP now owns 7,199,090 shares of the financial services provider’s stock worth $58,601,000 after acquiring an additional 375,000 shares during the last quarter. Cypress Capital Management LLC raised its position in shares of VEREIT by 1.0% during the second quarter. Cypress Capital Management LLC now owns 832,125 shares of the financial services provider’s stock worth $6,773,000 after acquiring an additional 8,125 shares during the last quarter. Private Advisory Group LLC bought a new stake in shares of VEREIT during the second quarter worth $244,000. The Manufacturers Life Insurance Company raised its position in shares of VEREIT by 97.4% during the second quarter. The Manufacturers Life Insurance Company now owns 67,713 shares of the financial services provider’s stock worth $551,000 after acquiring an additional 33,411 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in shares of VEREIT by 74.2% during the second quarter. Cubist Systematic Strategies LLC now owns 40,102 shares of the financial services provider’s stock worth $326,000 after acquiring an additional 17,075 shares during the last quarter. Institutional investors own 85.99% of the company’s stock.
VEREIT Inc. (VER) traded up 1.19% during midday trading on Friday, reaching $8.48. The company had a trading volume of 6,626,019 shares. The stock has a 50-day moving average price of $8.48 and a 200 day moving average price of $8.36. VEREIT Inc. has a 12-month low of $7.44 and a 12-month high of $9.81. The company’s market capitalization is $8.26 billion.
VEREIT (NYSE:VER) last announced its earnings results on Thursday, August 3rd. The financial services provider reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.16). The company had revenue of $336.90 million for the quarter, compared to analyst estimates of $296.02 million. VEREIT had a negative return on equity of 0.44% and a negative net margin of 2.72%. The firm’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. Equities analysts forecast that VEREIT Inc. will post ($1.70) EPS for the current year.
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 issued a dividend of $0.138 per share. The ex-dividend date is Thursday, September 28th. This is an increase from VEREIT’s previous quarterly dividend of $0.14. This represents a $0.55 annualized dividend and a yield of 6.59%. VEREIT’s payout ratio is presently -499.95%.
A number of equities research analysts have recently weighed in on VER shares. ValuEngine upgraded VEREIT from a “hold” rating to a “buy” rating in a research report on Friday, October 6th. 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 report on Wednesday, July 19th. Finally, BidaskClub upgraded VEREIT from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. VEREIT presently has a consensus rating of “Hold” and an average price target of $9.80.
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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