BlackRock Fund Advisors recently announced the acquisition of new stake in VEREIT Inc. (NYSE:VER). The institutional investor has increased its shareholding in the Real Estate company by 2.86% to 60.3 million shares with purchase of 1.68 million shares. This fresh investment now brings its stake to 5.60% valued currently at $392.56 million. In addition, SSgA Funds Management, Inc. raised its holdings by 4.19 million to 50.48 million shares. And Invesco Advisers, Inc. has lifted its position by 6.16% or 2.45 million shares – to 42.28 million shares.
With over 12.23 million VEREIT Inc. (VER) shares trading Monday and a closing price of $6.72 on the day, the dollar volume was approximately $82.2 million. The shares have shown a negative weekly performance of -2.89% and its price on 08/31/20 lost nearly -2.89%. Currently, there are 1.08B common shares owned by the public and among those 1.07B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for VER have a consensus price objective of $7.18. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $5.00 should the stock experience a downside. Incidentally, analysts’ outlook for the VEREIT Inc. stock is 2.50 for the next 12 months. The average price target is 5.08% above its last price level and an upside to the estimated low will see the stock lose -34.4% over that period. But an upside of 16.0% will see the stock hit the forecast high price target while mean target price for the stock is $7.38.
Insiders at the company have transacted a total of 66 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 1,480,681 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 395,258 shares.
The top 3 mutual fund holders in VEREIT Inc. are Vanguard Real Estate Index Fund, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. Vanguard Real Estate Index Fund owns 48.03 million shares of the company’s stock, all valued at over $312.67 million. The company sold -0.3 million shares recently to bring their total holdings to about 4.46% of the shares outstanding. Vanguard Total Stock Market Index sold 13747.0 shares to see its total holdings shrink to 30.59 million shares valued at over $199.12 million and representing 2.84% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.22 million shares to bring its total holdings to over 26.41 million shares at a value of $171.92 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.45% of the shares outstanding.
Shares of VEREIT Inc. (NYSE: VER) opened at $6.90, down -$0.02 from a prior closing price of $6.92. However, the script later closed the day at $6.72, down -2.89%. The company’s stock has a 5-day price change of -2.89% and 16.67% over the past three months. VER shares are trading -27.27% year to date (YTD), with the 12-month market performance down to -31.08% lower. It has a 12-month low price of $3.56 and touched a high of $10.18 over the same period. Currently, 12.23 million shares have been traded, compared to an average intraday trading volume of 11.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.57%, 2.78%, and -7.97% respectively.
Institutional ownership of VEREIT Inc. (NYSE: VER) shares accounts for 97.60% of the company’s 1.08B shares outstanding. Mutual fund holders own 46.05%, while other institutional holders and individual stakeholders account for 51.45% and 0.34% respectively.
It has a market capitalization of $7.19B and a beta (3y monthly) value of 1.08. The earnings-per-share (ttm) stands at -$0.60. The company has a debt-to-equity ratio at 0.90. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.21% over the week and 3.37% over the month.
Analysts forecast that VEREIT Inc. (VER) will achieve an EPS of $0.04 for the current quarter, $0.03 for the next quarter and $0.18 for 2021. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.04. Comparatively, EPS for the current quarter was -$0.76 a year ago. Earnings per share for the fiscal year are expected to decrease by -121.90%, and -1.67% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 23.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate VEREIT Inc. (VER) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 6 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the VER, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on August 24, 2020, with the firm’s price target at. Berenberg coverage for the VEREIT Inc. (VER) stock in a research note released on July 10, 2020 offered a Hold rating with a price target of $6.75. CapitalOne was of a view on February 11, 2020 that the stock is Equal Weight, while BMO Capital Markets gave the stock Outperform rating on October 25, 2019, issuing a price target of $11. Evercore ISI on their part issued Outperform rating on September 30, 2019.