Prudential Financial Inc. Sells 1,428,008 Shares of Veris Residential, Inc. (NYSE:VRE)

Prudential Financial Inc. lessened its stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 23.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,752,218 shares of the company's stock after selling 1,428,008 shares during the period. Prudential Financial Inc. owned 5.12% of Veris Residential worth $79,029,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Cornerstone Investment Partners LLC purchased a new stake in shares of Veris Residential in the fourth quarter worth about $184,000. Natixis Advisors LLC bought a new stake in Veris Residential in the 3rd quarter worth approximately $203,000. Van ECK Associates Corp raised its holdings 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 worth $247,000 after acquiring an additional 1,378 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Veris Residential during the 3rd quarter valued at approximately $263,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Veris Residential during the 4th quarter valued at approximately $274,000. Hedge funds and other institutional investors own 93.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Evercore ISI reaffirmed an "in-line" rating and set a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Truist Financial boosted their price objective on Veris Residential from $16.00 to $17.00 and gave the stock a "hold" rating in a research note on Monday, March 10th. Finally, JPMorgan Chase & Co. raised Veris Residential from an "underweight" rating to a "neutral" rating and raised their price objective for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th.

Remove Ads

Veris Residential Trading Up 0.3 %

Shares of VRE traded up $0.06 during midday trading on Friday, hitting $16.77. The stock had a trading volume of 278,075 shares, compared to its average volume of 508,485. Veris Residential, Inc. has a 1 year low of $13.84 and a 1 year high of $18.85. 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 stock's 50 day moving average is $16.17 and its 200 day moving average is $16.90. The firm has a market cap of $1.56 billion, a PE ratio of -98.61, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly 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). The business had revenue of $68.08 million for the quarter, compared to the consensus estimate of $66.98 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. As a group, analysts forecast that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.91%. Veris Residential's dividend payout ratio is currently -133.33%.

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.