The Manufacturers Life Insurance Company Has $601,000 Stock Position in Veris Residential, Inc. (NYSE:VRE)

The Manufacturers Life Insurance Company boosted its stake in Veris Residential, Inc. (NYSE:VRE) by 4.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,070 shares of the company’s stock after purchasing an additional 1,681 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Veris Residential were worth $601,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. DigitalBridge Group Inc. bought a new stake in shares of Veris Residential during the 2nd quarter worth $13,673,000. Nordea Investment Management AB bought a new position in shares of Veris Residential in the first quarter worth about $8,503,000. Daiwa Securities Group Inc. boosted its stake in shares of Veris Residential by 1,983.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 507,104 shares of the company’s stock valued at $7,713,000 after purchasing an additional 482,764 shares in the last quarter. AXA S.A. bought a new stake in shares of Veris Residential during the 2nd quarter valued at approximately $6,392,000. Finally, Marshall Wace LLP acquired a new position in Veris Residential during the 2nd quarter worth approximately $5,502,000. Institutional investors own 93.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VRE. JPMorgan Chase & Co. upped their price target on shares of Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Evercore ISI boosted their price target on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Truist Financial dropped their price objective on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a report on Monday, June 24th.

Veris Residential Price Performance

Shares of VRE opened at $17.39 on Wednesday. The business has a 50-day moving average of $17.20 and a 200-day moving average of $15.82. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -17.39, a price-to-earnings-growth ratio of 5.26 and a beta of 1.25. Veris Residential, Inc. has a 1 year low of $13.06 and a 1 year high of $18.18.

Veris Residential (NYSE:VRE) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. The firm had revenue of $67.48 million during the quarter, compared to analyst estimates of $67.73 million. During the same quarter last year, the firm posted $0.16 EPS. As a group, equities research analysts anticipate that Veris Residential, Inc. will post 0.55 earnings per share for the current year.

Veris Residential Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be given a $0.07 dividend. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from Veris Residential’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.61%. Veris Residential’s dividend payout ratio (DPR) is -28.00%.

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.