JPMorgan Chase & Co. Increases Position in Veris Residential, Inc. (NYSE:VRE)

JPMorgan Chase & Co. raised its position in Veris Residential, Inc. (NYSE:VRE - Free Report) by 11.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,102,857 shares of the company's stock after acquiring an additional 219,901 shares during the quarter. JPMorgan Chase & Co. owned approximately 2.26% of Veris Residential worth $37,557,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in shares of Veris Residential by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 751,050 shares of the company's stock valued at $11,266,000 after purchasing an additional 5,012 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Veris Residential by 5.8% during the second quarter. Van ECK Associates Corp now owns 12,011 shares of the company's stock worth $180,000 after purchasing an additional 663 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Veris Residential by 1.2% in the second quarter. Victory Capital Management Inc. now owns 1,194,049 shares of the company's stock valued at $17,911,000 after buying an additional 13,943 shares during the last quarter. Quest Partners LLC purchased a new stake in Veris Residential in the 2nd quarter valued at $227,000. Finally, Texas Permanent School Fund Corp grew its position in Veris Residential by 6.3% during the 2nd quarter. Texas Permanent School Fund Corp now owns 74,565 shares of the company's stock worth $1,118,000 after purchasing an additional 4,388 shares during the last quarter. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Stock Performance

Shares of NYSE:VRE traded down $0.64 during midday trading on Monday, hitting $15.93. The stock had a trading volume of 440,373 shares, compared to its average volume of 329,924. The company has a market capitalization of $1.48 billion, a PE ratio of -93.70, a P/E/G ratio of 2.91 and a beta of 1.28. Veris Residential, Inc. has a 1 year low of $13.84 and a 1 year high of $18.85. The stock has a 50 day moving average price of $17.40 and a two-hundred day moving average price of $16.83. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.01%. 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. Veris Residential's dividend payout ratio is -188.24%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Bank of America raised shares of Veris Residential from a "neutral" rating to a "buy" rating and upped their target price for the company from $20.00 to $23.00 in a report on Tuesday, November 12th. JPMorgan Chase & Co. raised Veris Residential from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th.

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.