JPMorgan Chase & Co. Buys 21,713 Shares of Veris Residential, Inc. (NYSE:VRE)

JPMorgan Chase & Co. boosted its stake in Veris Residential, Inc. (NYSE:VRE - Free Report) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,124,570 shares of the company's stock after purchasing an additional 21,713 shares during the period. JPMorgan Chase & Co. owned approximately 2.29% of Veris Residential worth $35,332,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of VRE. Nomura Asset Management Co. Ltd. increased its position in shares of Veris Residential by 0.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 100,000 shares of the company's stock worth $1,786,000 after acquiring an additional 900 shares during the last quarter. Inspire Investing LLC raised its position in shares of Veris Residential by 5.0% in the 4th quarter. Inspire Investing LLC now owns 24,297 shares of the company's stock valued at $404,000 after purchasing an additional 1,149 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Veris Residential by 1.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 116,412 shares of the company's stock valued at $2,079,000 after buying an additional 1,220 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Veris Residential by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company's stock valued at $247,000 after buying an additional 1,378 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in shares of Veris Residential by 6.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 44,888 shares of the company's stock worth $746,000 after buying an additional 2,791 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company's stock.

Veris Residential Price Performance

Veris Residential stock traded down $0.05 during mid-day trading on Friday, hitting $15.05. The company's stock had a trading volume of 501,242 shares, compared to its average volume of 513,312. Veris Residential, Inc. has a twelve month low of $13.84 and a twelve month high of $18.85. The stock's fifty day moving average price is $16.15 and its two-hundred day moving average price is $16.74. The stock has a market capitalization of $1.40 billion, a P/E ratio of -88.52, a P/E/G ratio of 2.50 and a beta of 1.17. 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 (NYSE:VRE - Get Free Report) last announced 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 return on equity of 4.97% and a negative net margin of 5.70%. The company had revenue of $68.08 million for the quarter, compared to analyst estimates of $66.98 million. Research analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Monday, March 31st. Veris Residential's payout ratio is presently -133.33%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on VRE shares. Evercore ISI reissued an "in-line" rating and set a $18.00 price objective (down from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. JPMorgan Chase & Co. raised Veris Residential from an "underweight" rating to a "neutral" rating and boosted their price objective for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Finally, Truist Financial lifted their target price on Veris Residential from $16.00 to $17.00 and gave the stock a "hold" rating in a research report on Monday, March 10th.

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.