Vereit Inc. (NYSE:VER) sold 60 million shares of common stock, originally there were only supposed to be 50 million.
Furthermore, the expected gross proceeds are estimated at $621 million. This indicates that the pricing per stock was priced at approximately $10.35 per unit.
Underwriters have the ability to purchase a further 9 million units at this price of $10.35 per unit.
As of August 5, 2016. Vereit has acquired a dividend yield of 5.27%. For those who are not sure what Dividend Yield is. This is the total of a company’s annual dividends, per share. Divided by the current price per share. This is important for investors to consider as it plays a vital factor in investing in the company for a stable investment.
This dividend yield has increased from 4.23 % which was the Dividend Yield on June 7, 2016. Although the dividend yield is not the most accurate source of a company’s standing for investors, a higher dividend yield still shows that the price per share has decreased.
As an increase in price per share would lead to a decreased ratio of the dividend yield.
CEO of Vereit Glenn Rufrano claimed that these statistics are indications that the turnaround plan Vereit had implemented to counter the 2014 scandal is paying off.
The success of the turnaround plan is aiding in countering the 2014 incident which injured the company’s reputation and caused damage towards its credit rating.
The price job has led to VER becoming insanely cheap, this is the main reason that the company turnaround plan is turning into a winning plan.
Furthermore, with the dividend yield sitting at 5.3%, Glenn reported that he would first like to focus on making the company sustainable after the company has achieved sustainability. Then he will implement actions into growing the Vereit enterprise.