VEREIT Inc Receives a Hold from J.P. Morgan

By Carrie Williams

J.P. Morgan analyst Anthony Paolone reiterated a Hold rating on VEREIT Inc (NASDAQ: VER) yesterday and set a price target of $11. The company’s shares opened today at $8.40.

According to TipRanks.com, Paolone is a 5-star analyst with an average return of 9.3% and a 68.8% success rate. Paolone covers the Financial sector, focusing on stocks such as Jones Lang Lasalle Inc., Office Properties Trust, and Apartment Inv. & Mgmt.

Currently, the analyst consensus on VEREIT Inc is Hold and the average price target is $11, representing a 31.0% upside.

In a report issued on November 18, JMP Securities also reiterated a Hold rating on the stock.

Based on VEREIT Inc’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $358 million and quarterly net profit of $30.08 million. In comparison, last year the company earned revenue of $382 million and had a net profit of $7.53 million.

VEREIT, Inc. provides real estate investment services. It operates though two 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. The Cole Capital segment engages in raising capital for and managing the affairs of certain non-traded real estate investment trusts. The company was founded on December 2, 2010 and is headquartered in Phoenix, AZ.