Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Veris Residential, Inc. (NYSE:VRE)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Veris Residential, Inc. (NYSE:VRE) by 0.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 86,172 shares of the company’s stock after selling 780 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Veris Residential were worth $1,458,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in VRE. Argosy Lionbridge Management LLC purchased a new stake in Veris Residential during the fourth quarter valued at about $19,028,000. Northern Trust Corp raised its position in Veris Residential by 49.1% during the fourth quarter. Northern Trust Corp now owns 1,524,968 shares of the company’s stock valued at $25,360,000 after purchasing an additional 501,867 shares in the last quarter. Woodline Partners LP raised its position in Veris Residential by 62.1% during the fourth quarter. Woodline Partners LP now owns 922,515 shares of the company’s stock valued at $15,341,000 after purchasing an additional 353,540 shares in the last quarter. Vanguard Group Inc. raised its position in Veris Residential by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company’s stock valued at $211,157,000 after purchasing an additional 331,354 shares in the last quarter. Finally, Norges Bank purchased a new stake in Veris Residential during the fourth quarter valued at about $4,828,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Up 0.4%

Shares of NYSE:VRE opened at $14.72 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $1.37 billion, a P/E ratio of -46.00, a price-to-earnings-growth ratio of 1.64 and a beta of 1.21. Veris Residential, Inc. has a 12-month low of $14.12 and a 12-month high of $18.85. The stock’s 50-day moving average price is $15.18 and its 200-day moving average price is $15.77.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. The company had revenue of $67.76 million for the quarter, compared to analysts’ expectations of $69.24 million. Veris Residential had a negative return on equity of 2.62% and a negative net margin of 11.02%. On average, equities analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.17%. Veris Residential’s payout ratio is presently -100.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VRE. Truist Financial reduced their price objective on Veris Residential from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Wall Street Zen cut Veris Residential from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.50.

Veris Residential 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.