Ridgewood Investments LLC Decreases Stock Holdings in Veris Residential, Inc. (NYSE:VRE)

Ridgewood Investments LLC trimmed its holdings in shares of Veris Residential, Inc. (NYSE:VRE) by 20.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,790 shares of the company’s stock after selling 2,000 shares during the period. Ridgewood Investments LLC’s holdings in Veris Residential were worth $130,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in shares of Veris Residential by 11.7% during the third quarter. JPMorgan Chase & Co. now owns 2,102,857 shares of the company’s stock valued at $37,557,000 after acquiring an additional 219,901 shares during the last quarter. Geode Capital Management LLC increased its position in Veris Residential by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock worth $35,743,000 after buying an additional 21,133 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Veris Residential by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock worth $26,264,000 after buying an additional 49,378 shares during the last quarter. Victory Capital Management Inc. increased its position in Veris Residential by 0.5% in the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock worth $21,440,000 after buying an additional 6,421 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Veris Residential by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company’s stock worth $17,217,000 after buying an additional 65,180 shares during the last quarter. 93.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on VRE. JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and raised their target price for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th.

Veris Residential Price Performance

Shares of NYSE VRE opened at $15.39 on Friday. The stock has a market cap of $1.43 billion, a PE ratio of -90.52, a price-to-earnings-growth ratio of 2.91 and a beta of 1.28. Veris Residential, Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $18.85. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The stock has a fifty day moving average of $17.31 and a 200-day moving average of $16.84.

Veris Residential Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were given a $0.08 dividend. The ex-dividend date was Tuesday, December 31st. This is a boost from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a dividend yield of 2.08%. Veris Residential’s payout ratio is -188.24%.

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.