ExodusPoint Capital Management LP Buys New Stake in Veris Residential, Inc. (NYSE:VRE)

ExodusPoint Capital Management LP acquired a new stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 51,211 shares of the company's stock, valued at approximately $852,000. ExodusPoint Capital Management LP owned 0.06% of Veris Residential at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Veris Residential by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company's stock worth $211,157,000 after buying an additional 331,354 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Veris Residential by 1.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,124,570 shares of the company's stock worth $35,332,000 after purchasing an additional 21,713 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Veris Residential by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company's stock worth $35,743,000 after purchasing an additional 21,133 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Veris Residential by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,483,318 shares of the company's stock worth $24,668,000 after buying an additional 12,782 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Veris Residential by 1.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,217,649 shares of the company's stock worth $20,250,000 after buying an additional 17,179 shares during the last quarter. Institutional investors own 93.04% of the company's stock.

Veris Residential Stock Performance

VRE stock traded up $0.08 during midday trading on Wednesday, hitting $15.32. 29,469 shares of the company traded hands, compared to its average volume of 454,775. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. Veris Residential, Inc. has a twelve month low of $13.84 and a twelve month high of $18.85. The business has a 50 day simple moving average of $16.11 and a 200-day simple moving average of $16.70. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -90.11, a price-to-earnings-growth ratio of 2.50 and a beta of 1.17.

Veris Residential (NYSE:VRE - Get Free Report) last released its earnings results on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.01). Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The business had revenue of $68.08 million during the quarter, compared to analyst estimates of $66.98 million. As a group, equities research analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 2.09%. Veris Residential's dividend payout ratio (DPR) is -133.33%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on VRE shares. 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 research note on Monday, March 10th. JPMorgan Chase & Co. upgraded shares of Veris Residential from an "underweight" rating to a "neutral" rating and boosted their price target for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Finally, Evercore ISI reaffirmed an "in-line" rating and set a $18.00 price target (down from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th.

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.