Thrivent Financial for Lutherans Trims Position in Veris Residential, Inc. (NYSE:VRE)

Thrivent Financial for Lutherans lowered its holdings in Veris Residential, Inc. (NYSE:VRE) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,473 shares of the company’s stock after selling 955 shares during the period. Thrivent Financial for Lutherans’ holdings in Veris Residential were worth $1,039,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. raised its holdings in shares of Veris Residential by 0.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 100,000 shares of the company’s stock worth $1,786,000 after purchasing an additional 900 shares during the period. Inspire Investing LLC increased its position in Veris Residential by 5.0% during the 4th quarter. Inspire Investing LLC now owns 24,297 shares of the company’s stock worth $404,000 after purchasing an additional 1,149 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Veris Residential by 1.1% in the third quarter. Public Employees Retirement System of Ohio now owns 116,412 shares of the company’s stock valued at $2,079,000 after buying an additional 1,220 shares during the period. Van ECK Associates Corp lifted its position in Veris Residential by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock valued at $247,000 after buying an additional 1,378 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in Veris Residential by 6.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 44,888 shares of the company’s stock worth $746,000 after buying an additional 2,791 shares during the period. 93.04% of the stock is currently owned by institutional investors and hedge funds.

Veris Residential Stock Performance

Veris Residential stock opened at $16.99 on Wednesday. Veris Residential, Inc. has a 52 week low of $13.84 and a 52 week high of $18.85. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock has a market cap of $1.58 billion, a P/E ratio of -99.91, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. The stock has a 50 day moving average of $16.21 and a 200-day moving average of $16.88.

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

Veris Residential Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Monday, March 31st. Veris Residential’s dividend payout ratio is presently -133.33%.

Wall Street Analyst Weigh In

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

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.