HGI Capital Management LLC Increases Stock Holdings in Veris Residential, Inc. (NYSE:VRE)

HGI Capital Management LLC raised its stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 21.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 266,707 shares of the company's stock after purchasing an additional 47,076 shares during the period. Veris Residential accounts for about 4.2% of HGI Capital Management LLC's portfolio, making the stock its 9th biggest position. HGI Capital Management LLC owned about 0.29% of Veris Residential worth $4,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Veris Residential by 0.7% in the first 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 during the period. Quadrature Capital Ltd bought a new stake in Veris Residential in the first quarter worth about $156,000. Price T Rowe Associates Inc. MD boosted its position in shares of Veris Residential by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,796 shares of the company's stock valued at $758,000 after buying an additional 2,826 shares during the period. Tidal Investments LLC grew its stake in shares of Veris Residential by 268.8% during the first quarter. Tidal Investments LLC now owns 50,959 shares of the company's stock valued at $775,000 after buying an additional 37,141 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Veris Residential by 3.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,485 shares of the company's stock worth $1,357,000 after buying an additional 2,949 shares during the period. 93.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

VRE has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Veris Residential from $13.00 to $14.00 and gave the company an "underweight" rating in a report on Monday, September 16th. Bank of America raised shares of Veris Residential from a "neutral" rating to a "buy" rating and raised their price target for the stock from $20.00 to $23.00 in a research note on Tuesday, November 12th. Finally, Evercore ISI boosted their price objective on shares of Veris Residential from $17.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, August 28th.

Veris Residential Stock Up 0.3 %

Shares of VRE traded up $0.05 during midday trading on Friday, reaching $18.25. 401,724 shares of the stock were exchanged, compared to its average volume of 591,830. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The company's 50 day moving average is $17.62 and its two-hundred day moving average is $16.48. The company has a market capitalization of $1.70 billion, a P/E ratio of -107.35, a PEG ratio of 3.01 and a beta of 1.26. Veris Residential, Inc. has a 52 week low of $13.84 and a 52 week high of $18.85.

Veris Residential Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is an increase from Veris Residential's previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.75%. Veris Residential's dividend payout ratio (DPR) is -164.70%.

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.