Victory Capital Management Inc. increased its stake in Veris Residential, Inc. (NYSE:VRE - Free Report) by 1.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,217,649 shares of the company's stock after acquiring an additional 17,179 shares during the quarter. Victory Capital Management Inc. owned 1.31% of Veris Residential worth $20,250,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of VRE. Cornerstone Investment Partners LLC bought a new stake in Veris Residential in the fourth quarter valued at $184,000. Charles Schwab Investment Management Inc. grew its stake in shares of Veris Residential by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,483,318 shares of the company's stock valued at $24,668,000 after buying an additional 12,782 shares during the period. Illinois Municipal Retirement Fund increased its position in Veris Residential by 6.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 44,888 shares of the company's stock valued at $746,000 after buying an additional 2,791 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Veris Residential by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 670,520 shares of the company's stock worth $11,151,000 after buying an additional 15,653 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Veris Residential by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 391,831 shares of the company's stock worth $6,516,000 after buying an additional 11,238 shares during the period. Institutional investors and hedge funds own 93.04% of the company's stock.
Veris Residential Stock Down 1.4 %
VRE stock opened at $16.21 on Wednesday. The stock's 50 day moving average is $16.07 and its 200-day moving average is $16.98. Veris Residential, Inc. has a twelve month low of $13.84 and a twelve month high of $18.85. The firm has a market capitalization of $1.51 billion, a PE ratio of -95.32, a P/E/G ratio of 2.50 and a beta of 1.24. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.
Veris Residential (NYSE:VRE - Get Free Report) last posted its quarterly earnings data 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). 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 for the quarter, compared to analysts' expectations of $66.98 million. Sell-side analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.
Veris Residential Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Monday, March 31st. Veris Residential's payout ratio is -133.33%.
Analysts Set New Price Targets
A number of equities research analysts have commented on the company. Bank of America raised Veris Residential from a "neutral" rating to a "buy" rating and raised their price objective for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th. Evercore ISI reissued an "in-line" rating and issued a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th. Truist Financial upped their price objective on shares of Veris Residential from $16.00 to $17.00 and gave the stock a "hold" rating in a report on Monday. Finally, JPMorgan Chase & Co. upgraded shares of Veris Residential from an "underweight" rating to a "neutral" rating and lifted their price objective for the company from $14.00 to $17.00 in a report on Tuesday, December 17th.
Get Our Latest Analysis on VRE
Veris Residential Company Profile
(
Free Report)
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.
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