Mitsubishi UFJ Asset Management Co. Ltd. Acquires 5,386 Shares of Veris Residential, Inc. (NYSE:VRE)

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Veris Residential, Inc. (NYSE:VRE) by 10.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 54,842 shares of the company’s stock after purchasing an additional 5,386 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.06% of Veris Residential worth $909,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. EntryPoint Capital LLC grew its stake in Veris Residential by 131.3% in the 4th quarter. EntryPoint Capital LLC now owns 25,433 shares of the company’s stock valued at $423,000 after buying an additional 14,439 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Veris Residential by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company’s stock worth $211,157,000 after acquiring an additional 331,354 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Veris Residential in the 4th quarter valued at $606,000. KLP Kapitalforvaltning AS bought a new position in Veris Residential in the fourth quarter valued at about $274,000. Finally, Quantbot Technologies LP bought a new stake in shares of Veris Residential during the 4th quarter valued at approximately $595,000. 93.04% of the stock is currently owned by institutional investors and hedge funds.

Veris Residential Stock Performance

Shares of VRE opened at $17.12 on Thursday. Veris Residential, Inc. has a 52-week low of $13.84 and a 52-week high of $18.85. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -100.70, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The stock’s 50-day simple moving average is $16.24 and its 200 day simple moving average is $16.89.

Veris Residential (NYSE:VRE) last issued its quarterly 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). 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%. Research analysts forecast that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The firm also recently declared 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 1.87%. The ex-dividend date is Monday, March 31st. Veris Residential’s payout ratio is -133.33%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Truist Financial boosted their price target on Veris Residential from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Monday, March 10th. Evercore ISI reiterated an “in-line” rating and issued a $18.00 target price (down from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. Finally, 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.

Veris Residential Company Profile

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.