New York State Teachers Retirement System Cuts Stake in Veris Residential, Inc. (NYSE:VRE)

New York State Teachers Retirement System lowered its holdings in shares of Veris Residential, Inc. (NYSE:VRE) by 15.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 70,675 shares of the company’s stock after selling 12,600 shares during the period. New York State Teachers Retirement System’s holdings in Veris Residential were worth $1,175,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Veris Residential by 35.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after purchasing an additional 755 shares in the last quarter. Natixis Advisors LLC purchased a new stake in shares of Veris Residential during the third quarter worth about $203,000. Van ECK Associates Corp grew its position in shares of Veris Residential by 12.3% during the third quarter. Van ECK Associates Corp now owns 13,492 shares of the company’s stock worth $235,000 after purchasing an additional 1,481 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Veris Residential during the third quarter worth about $263,000. Finally, abrdn plc grew its position in shares of Veris Residential by 10.5% during the third quarter. abrdn plc now owns 15,671 shares of the company’s stock worth $280,000 after purchasing an additional 1,495 shares in the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Wall Street Analysts Forecast Growth

VRE has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and raised their price target for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and raised their price target for the company from $20.00 to $23.00 in a report on Tuesday, November 12th.

Veris Residential Stock Performance

NYSE VRE opened at $15.63 on Monday. The stock has a market capitalization of $1.45 billion, a PE ratio of -91.94, a P/E/G ratio of 2.50 and a beta of 1.27. The business has a 50 day simple moving average of $16.11 and a two-hundred day simple moving average of $16.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85.

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.