Daiwa Securities Group Inc. cut its stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 21.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 423,303 shares of the company's stock after selling 117,350 shares during the quarter. Daiwa Securities Group Inc. owned about 0.46% of Veris Residential worth $7,040,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in VRE. Amundi grew its stake in Veris Residential by 43.3% during the 4th quarter. Amundi now owns 81,250 shares of the company's stock valued at $1,272,000 after purchasing an additional 24,570 shares during the last quarter. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Veris Residential during the fourth quarter worth about $1,441,000. Raymond James Financial Inc. purchased a new stake in Veris Residential in the fourth quarter valued at approximately $1,737,000. Arizona State Retirement System increased its holdings in Veris Residential by 13.6% in the 4th quarter. Arizona State Retirement System now owns 24,263 shares of the company's stock worth $403,000 after buying an additional 2,897 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC raised its position in Veris Residential by 51.7% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 975,262 shares of the company's stock worth $16,219,000 after buying an additional 332,381 shares during the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
VRE has been the topic of several recent research reports. Truist Financial upped their price objective on shares of Veris Residential from $16.00 to $17.00 and gave the company a "hold" rating in a report on Monday. JPMorgan Chase & Co. raised shares of Veris Residential from an "underweight" rating to a "neutral" rating and upped their price target for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Evercore ISI reiterated an "in-line" rating and set a $18.00 price objective (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Finally, Bank of America raised Veris Residential from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $20.00 to $23.00 in a report on Tuesday, November 12th.
Check Out Our Latest Analysis on VRE
Veris Residential Stock Performance
VRE opened at $16.21 on Wednesday. The firm has a fifty day moving average price of $16.07 and a 200 day moving average price of $16.98. Veris Residential, Inc. has a 1 year low of $13.84 and a 1 year high of $18.85. The stock has a market cap of $1.51 billion, a P/E ratio of -95.32, a P/E/G ratio of 2.50 and a beta of 1.24. 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 (NYSE:VRE - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.01). Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The firm had revenue of $68.08 million during the quarter, compared to analyst estimates of $66.98 million. Equities research analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current year.
Veris Residential Dividend Announcement
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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.97%. Veris Residential's dividend payout ratio is currently -133.33%.
About Veris Residential
(
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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