Resona Asset Management Co. Ltd. Makes New $526,000 Investment in Veris Residential, Inc. (NYSE:VRE)

Resona Asset Management Co. Ltd. purchased a new position in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,896 shares of the company's stock, valued at approximately $526,000.

Several other hedge funds also recently modified their holdings of the business. Cornerstone Investment Partners LLC acquired a new position in Veris Residential during the 4th quarter valued at $184,000. Van ECK Associates Corp raised its position in shares of Veris Residential by 10.2% during the fourth 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. Point72 Asset Management L.P. bought a new stake in shares of Veris Residential in the third quarter valued at about $263,000. KLP Kapitalforvaltning AS acquired a new stake in Veris Residential during the fourth quarter worth about $274,000. Finally, Tidal Investments LLC bought a new position in Veris Residential during the third quarter valued at about $397,000. 93.04% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on VRE. Truist Financial upped their target price on 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 lifted their target price for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th. Finally, Evercore ISI reaffirmed an "in-line" rating and issued a $18.00 price target (down from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th.

Veris Residential Trading Up 0.7 %

Shares of VRE stock traded up $0.11 on Wednesday, reaching $15.35. The company had a trading volume of 34,994 shares, compared to its average volume of 454,856. The company has a 50-day moving average of $16.11 and a 200-day moving average of $16.70. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85. The stock has a market cap of $1.43 billion, a PE ratio of -90.23, a PEG ratio of 2.50 and a beta of 1.17. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential (NYSE:VRE - Get Free Report) last posted its earnings results on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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. On average, equities 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 issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.08%. Veris Residential's payout ratio is -133.33%.

Veris Residential Company 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.