Vanguard Group Inc. Raises Stock Holdings in Veris Residential, Inc. (NYSE:VRE)

Vanguard Group Inc. increased its holdings in shares of Veris Residential, Inc. (NYSE:VRE) by 2.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 12,697,341 shares of the company’s stock after acquiring an additional 331,354 shares during the period. Vanguard Group Inc. owned about 0.14% of Veris Residential worth $211,157,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Fox Run Management L.L.C. bought a new stake in shares of Veris Residential during the fourth quarter worth $606,000. KLP Kapitalforvaltning AS purchased a new position in Veris Residential in the 4th quarter worth about $274,000. Quantbot Technologies LP purchased a new position in Veris Residential in the 4th quarter worth about $595,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Veris Residential by 37.3% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,643 shares of the company’s stock valued at $709,000 after buying an additional 11,588 shares in the last quarter. Finally, Swiss National Bank boosted its position in Veris Residential by 13.3% in the 4th quarter. Swiss National Bank now owns 164,400 shares of the company’s stock valued at $2,734,000 after buying an additional 19,300 shares during the period. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Veris Residential Price Performance

Shares of VRE opened at $15.78 on Friday. The stock has a market capitalization of $1.47 billion, a PE ratio of -92.79, a PEG ratio of 2.50 and a beta of 1.17. The company has a 50 day moving average price of $16.26 and a 200-day moving average price of $16.86. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. Veris Residential, Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $18.85.

Veris Residential (NYSE:VRE) last announced its earnings results on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The company had revenue of $68.08 million for the quarter, compared to the consensus estimate of $66.98 million. Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. Equities analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal 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 issued a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 2.03%. Veris Residential’s dividend payout ratio 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.