Truist Financial Corp trimmed its holdings in VEREIT, Inc. (NYSE:VER) by 58.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,533 shares of the financial services provider’s stock after selling 65,913 shares during the quarter. Truist Financial Corp’s holdings in VEREIT were worth $1,797,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of VER. Neo Ivy Capital Management bought a new position in VEREIT in the 4th quarter worth approximately $48,000. International Assets Investment Management LLC bought a new position in VEREIT during the 4th quarter valued at $58,000. Sterling Financial Planning Inc. bought a new position in VEREIT during the 4th quarter valued at $83,000. Exane Derivatives bought a new position in VEREIT during the 4th quarter valued at $118,000. Finally, Harvest Fund Management Co. Ltd bought a new position in VEREIT during the 4th quarter valued at $184,000.
VER has been the subject of a number of research reports. JPMorgan Chase & Co. lowered VEREIT from an “overweight” rating to a “neutral” rating and set a $40.00 price target for the company. in a research note on Monday, December 21st. The Goldman Sachs Group initiated coverage on VEREIT in a research note on Friday, January 22nd. They set a “sell” rating for the company. Morgan Stanley raised their price objective on VEREIT from $33.75 to $36.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 25th. Mizuho lowered VEREIT from a “buy” rating to an “equal weight” rating and raised their price objective for the stock from $39.00 to $44.00 in a research note on Thursday, March 4th. Finally, Zacks Investment Research lowered VEREIT from a “buy” rating to a “hold” rating in a research note on Saturday, January 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $40.54.
VER opened at $40.58 on Wednesday. The stock has a fifty day moving average of $39.09 and a 200-day moving average of $36.42. The firm has a market capitalization of $9.29 billion, a P/E ratio of 33.82 and a beta of 1.06. VEREIT, Inc. has a 12-month low of $21.90 and a 12-month high of $41.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.87.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st will be issued a $0.462 dividend. The ex-dividend date of this dividend is Tuesday, March 30th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.55%. This is a positive change from VEREIT’s previous quarterly dividend of $0.08. VEREIT’s dividend payout ratio is presently 53.31%.
VEREIT, Inc operates as a real estate investment trust, which provides real estate investment services. It owns and manages the portfolios of single-tenant commercial properties in the U.S. The company operates through the following segments: Real Estate Investment and Cole Capital. The Real Estate Investment segment acquires, owns and operates single tenant, freestanding, commercial real estate properties, primarily subject to long term net leases with high credit quality tenants.
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