Veris Residential, Inc. (NYSE:VRE) CEO Mahbod Nia Acquires 35,000 Shares

Veris Residential, Inc. (NYSE:VRE) CEO Mahbod Nia acquired 35,000 shares of Veris Residential stock in a transaction on Thursday, June 20th. The shares were bought at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the purchase, the chief executive officer now directly owns 380,869 shares of the company’s stock, valued at $5,454,044.08. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Veris Residential Stock Up 1.5 %

Shares of VRE opened at $14.48 on Monday. The firm has a fifty day moving average price of $14.97 and a 200-day moving average price of $15.10. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $1.34 billion, a P/E ratio of -14.48, a P/E/G ratio of 4.57 and a beta of 1.25. Veris Residential, Inc. has a 12-month low of $13.06 and a 12-month high of $18.98.

Veris Residential Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Wednesday, July 3rd will be paid a $0.06 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.24 annualized dividend and a yield of 1.66%. This is a boost from Veris Residential’s previous quarterly dividend of $0.05. Veris Residential’s dividend payout ratio is -24.00%.

Institutional Investors Weigh In On Veris Residential

Several hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Veris Residential by 417.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after buying an additional 2,167 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Veris Residential during the 1st quarter worth about $152,000. Quadrature Capital Ltd purchased a new position in Veris Residential during the 1st quarter valued at about $156,000. Cornerstone Investment Partners LLC bought a new stake in shares of Veris Residential in the 1st quarter valued at about $167,000. Finally, Van ECK Associates Corp lifted its position in shares of Veris Residential by 19.7% in the 4th quarter. Van ECK Associates Corp now owns 11,088 shares of the company’s stock worth $174,000 after purchasing an additional 1,823 shares during the period. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

VRE has been the topic of a number of analyst reports. Truist Financial cut their price objective on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research report on Tuesday, April 9th. Evercore ISI reduced their price objective on shares of Veris Residential from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Veris Residential from $11.00 to $13.00 and gave the stock an “underweight” rating in a research note on Monday, June 17th.

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.