Raymond James Financial Inc. Invests $1.74 Million in Veris Residential, Inc. (NYSE:VRE)

Raymond James Financial Inc. purchased a new stake in Veris Residential, Inc. (NYSE:VRE) in the fourth quarter, HoldingsChannel reports. The fund purchased 104,458 shares of the company’s stock, valued at approximately $1,737,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cornerstone Investment Partners LLC purchased a new stake in Veris Residential during the fourth quarter valued at approximately $184,000. Van ECK Associates Corp increased its position in shares of Veris Residential by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock valued at $247,000 after purchasing an additional 1,378 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Veris Residential during the 3rd quarter valued at $263,000. Tidal Investments LLC bought a new stake in Veris Residential in the third quarter worth $397,000. Finally, Arizona State Retirement System boosted its stake in Veris Residential by 13.6% during the fourth quarter. Arizona State Retirement System now owns 24,263 shares of the company’s stock worth $403,000 after buying an additional 2,897 shares during the period. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on VRE. Evercore ISI restated an “in-line” rating and issued a $18.00 target price (down previously from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. JPMorgan Chase & Co. raised shares of Veris Residential from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th. Finally, Truist Financial boosted their target price on Veris Residential from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Monday, March 10th.

Veris Residential Trading Up 0.8 %

NYSE VRE opened at $16.91 on Tuesday. The stock has a market cap of $1.57 billion, a PE ratio of -99.45, a PEG ratio of 2.50 and a beta of 1.24. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85. The company’s 50-day moving average price is $16.19 and its 200-day moving average price is $16.89. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential (NYSE:VRE) last issued its earnings results on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The company had revenue of $68.08 million during the quarter, compared to the consensus estimate of $66.98 million. Equities research analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date is Monday, March 31st. Veris Residential’s dividend payout ratio (DPR) is presently -133.33%.

About Veris Residential

Veris Residential, Inc is a forward-thinking, environmentally and socially conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today’s residents while seeking to positively impact the communities it serves and the planet at large.