Vereit Inc (NYSE:VER) declared a quarterly dividend on Wednesday, November 7th, Wall Street Journal reports. Shareholders of record on Monday, December 31st will be paid a dividend of 0.1375 per share by the financial services provider on Tuesday, January 15th. This represents a $0.55 dividend on an annualized basis and a yield of 7.27%. The ex-dividend date is Friday, December 28th.
Vereit has a dividend payout ratio of 80.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Vereit to earn $0.70 per share next year, which means the company should continue to be able to cover its $0.55 annual dividend with an expected future payout ratio of 78.6%.
NYSE:VER traded up $0.10 during trading hours on Wednesday, reaching $7.57. 5,457,290 shares of the company traded hands, compared to its average volume of 9,066,939. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 2.86 and a beta of 0.51. Vereit has a 1 year low of $6.52 and a 1 year high of $8.26. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.66.
Vereit (NYSE:VER) last announced its quarterly earnings data on Tuesday, November 6th. The financial services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.27). The company had revenue of $289.03 million for the quarter, compared to analysts’ expectations of $291.19 million. Vereit had a negative net margin of 4.44% and a negative return on equity of 0.40%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 EPS. As a group, equities research analysts predict that Vereit will post 0.69 EPS for the current year.
A number of research analysts have issued reports on VER shares. ValuEngine upgraded Vereit from a “sell” rating to a “hold” rating in a research note on Saturday, August 18th. Mizuho set a $8.00 price target on Vereit and gave the stock a “hold” rating in a research note on Monday, August 13th. Robert W. Baird began coverage on Vereit in a research note on Monday, October 22nd. They issued an “outperform” rating and a $9.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price target on Vereit from $8.00 to $9.00 and gave the stock an “overweight” rating in a research note on Monday, September 17th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $8.85.
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Vereit Company Profile
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 a total asset book value of $14.3 billion including approximately 4,000 properties and 94.6 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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