Veris Residential (NYSE:VRE) Sets New 12-Month High at $18.11

Veris Residential, Inc. (NYSE:VRE - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $18.11 and last traded at $18.00, with a volume of 18751 shares changing hands. The stock had previously closed at $17.99.

Analyst Upgrades and Downgrades

VRE has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on shares of Veris Residential from $13.00 to $14.00 and gave the company an "underweight" rating in a research report on Monday. Evercore ISI boosted their target price on Veris Residential from $17.00 to $19.00 and gave the company an "outperform" rating in a report on Wednesday, August 28th. Finally, Truist Financial dropped their price target on Veris Residential from $15.00 to $14.00 and set a "hold" rating on the stock in a research note on Monday, June 24th.

Veris Residential Stock Performance

The stock has a market cap of $1.67 billion, a PE ratio of -18.04, a price-to-earnings-growth ratio of 6.67 and a beta of 1.25. The stock has a fifty day moving average of $16.33 and a 200-day moving average of $15.39. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.33.

Veris Residential (NYSE:VRE - Get Free Report) last released its earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.11). Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. The company had revenue of $67.48 million during the quarter, compared to analyst estimates of $67.73 million. During the same period in the previous year, the firm posted $0.16 EPS. On average, equities analysts forecast that Veris Residential, Inc. will post 0.54 EPS for the current year.

Veris Residential Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Veris Residential's previous quarterly dividend of $0.06. Veris Residential's dividend payout ratio (DPR) is -28.00%.

Insider Transactions at Veris Residential

In other Veris Residential news, Director Nori Gerardo Lietz purchased 10,000 shares of Veris Residential stock in a transaction dated Thursday, June 20th. The stock was acquired at an average cost of $14.31 per share, with a total value of $143,100.00. Following the acquisition, the director now directly owns 39,687 shares of the company's stock, valued at $567,920.97. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Nori Gerardo Lietz acquired 10,000 shares of Veris Residential stock in a transaction that occurred on Thursday, June 20th. The stock was purchased at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the completion of the purchase, the director now directly owns 39,687 shares of the company's stock, valued at $567,920.97. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mahbod Nia bought 35,000 shares of the stock in a transaction on Thursday, June 20th. The shares were bought at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the transaction, the chief executive officer now directly owns 380,869 shares of the company's stock, valued at approximately $5,454,044.08. The disclosure for this purchase can be found here. Company insiders own 15.00% of the company's stock.

Hedge Funds Weigh In On Veris Residential

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Veris Residential by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 12,439,064 shares of the company's stock valued at $189,198,000 after acquiring an additional 88,634 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Veris Residential by 1.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,194,049 shares of the company's stock worth $17,911,000 after purchasing an additional 13,943 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Veris Residential by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company's stock worth $17,217,000 after purchasing an additional 65,180 shares during the last quarter. DigitalBridge Group Inc. purchased a new stake in Veris Residential in the 2nd quarter valued at approximately $13,673,000. Finally, Cbre Investment Management Listed Real Assets LLC grew its holdings in Veris Residential by 115.3% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 764,760 shares of the company's stock valued at $12,030,000 after buying an additional 409,631 shares during the last quarter. 93.04% of the stock is owned by hedge funds and other institutional investors.

About Veris Residential

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.