Adelante Capital Management LLC acquired a new stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 615,967 shares of the company's stock, valued at approximately $11,001,000. Veris Residential makes up approximately 0.5% of Adelante Capital Management LLC's portfolio, making the stock its 27th largest holding. Adelante Capital Management LLC owned 0.66% of Veris Residential at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. HGI Capital Management LLC boosted its position in shares of Veris Residential by 21.4% during the 3rd quarter. HGI Capital Management LLC now owns 266,707 shares of the company's stock valued at $4,763,000 after acquiring an additional 47,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Veris Residential by 491.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company's stock valued at $11,013,000 after purchasing an additional 512,406 shares during the last quarter. FMR LLC grew its stake in shares of Veris Residential by 5,945.2% in the 3rd quarter. FMR LLC now owns 224,278 shares of the company's stock valued at $4,006,000 after buying an additional 220,568 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Veris Residential by 2.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 540,653 shares of the company's stock worth $9,656,000 after buying an additional 13,882 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Veris Residential by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company's stock valued at $26,264,000 after buying an additional 49,378 shares during the period. Institutional investors and hedge funds own 93.04% of the company's stock.
Veris Residential Price Performance
VRE traded up $0.05 during midday trading on Friday, reaching $18.25. 401,724 shares of the company's stock were exchanged, compared to its average volume of 495,352. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85. The stock has a market capitalization of $1.70 billion, a PE ratio of -107.35, a P/E/G ratio of 3.02 and a beta of 1.26. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The business's 50-day moving average price is $17.62 and its 200 day moving average price is $16.49.
Veris Residential Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Veris Residential's previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a dividend yield of 1.75%. Veris Residential's dividend payout ratio (DPR) is currently -164.70%.
Analyst Upgrades and Downgrades
A number of research firms have commented on VRE. Bank of America raised shares of Veris Residential from a "neutral" rating to a "buy" rating and upped their target price for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th. Evercore ISI increased their price objective on shares of Veris Residential from $17.00 to $19.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. raised their price target on Veris Residential from $13.00 to $14.00 and gave the stock an "underweight" rating in a research report on Monday, September 16th.
Check Out Our Latest Research Report on Veris Residential
Veris Residential Profile
(
Free Report)
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.
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