Covestor Ltd Grows Stock Holdings in Veris Residential, Inc. (NYSE:VRE)

Covestor Ltd grew its stake in shares of Veris Residential, Inc. (NYSE:VRE) by 11,246.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,702 shares of the company’s stock after acquiring an additional 1,687 shares during the period. Covestor Ltd’s holdings in Veris Residential were worth $28,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in VRE. Cornerstone Investment Partners LLC bought a new position in Veris Residential in the 4th quarter valued at $184,000. Van ECK Associates Corp raised its holdings in shares of Veris Residential by 10.2% during the 4th 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 in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Veris Residential during the fourth quarter worth approximately $274,000. Tidal Investments LLC bought a new stake in Veris Residential in the third quarter worth $397,000. Finally, Arizona State Retirement System lifted its stake in shares of Veris Residential by 13.6% in the 4th quarter. Arizona State Retirement System now owns 24,263 shares of the company’s stock valued at $403,000 after acquiring an additional 2,897 shares during the last quarter. 93.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on VRE shares. JPMorgan Chase & Co. upgraded shares of Veris Residential from an “underweight” rating to a “neutral” rating and upped their price target for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Truist Financial boosted their price target on Veris Residential from $16.00 to $17.00 and gave the company a “hold” rating in a report on Monday, March 10th. Finally, Evercore ISI reiterated an “in-line” rating and issued a $18.00 price objective (down previously from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th.

Veris Residential Trading Down 0.1 %

Shares of VRE opened at $15.23 on Wednesday. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85. 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 firm’s 50-day moving average price is $16.11 and its 200-day moving average price is $16.70. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -89.57, a PEG ratio of 2.50 and a beta of 1.17.

Veris Residential (NYSE:VRE) last posted its quarterly earnings data 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 net margin of 5.70% and a negative return on equity of 4.97%. The firm had revenue of $68.08 million for the quarter, compared to the consensus estimate of $66.98 million. Sell-side analysts anticipate that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 2.10%. Veris Residential’s dividend payout ratio (DPR) is -133.33%.

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.