Louisiana State Employees Retirement System Lowers Stake in Veris Residential, Inc. (NYSE:VRE)

Louisiana State Employees Retirement System lowered its position in shares of Veris Residential, Inc. (NYSE:VRE) by 3.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,000 shares of the company’s stock after selling 1,500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Veris Residential were worth $697,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in VRE. DigitalBridge Group Inc. bought a new stake in Veris Residential in the second quarter worth $13,673,000. Nordea Investment Management AB bought a new stake in Veris Residential in the first quarter worth $8,503,000. AXA S.A. bought a new stake in Veris Residential in the second quarter worth $6,392,000. Marshall Wace LLP bought a new stake in Veris Residential in the second quarter worth $5,502,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Veris Residential in the second quarter worth $3,749,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Performance

VRE stock opened at $16.48 on Tuesday. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -96.94, a PEG ratio of 4.67 and a beta of 1.26. The firm has a 50-day simple moving average of $17.39 and a two-hundred day simple moving average of $16.05. Veris Residential, Inc. has a one year low of $13.27 and a one year high of $18.18. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.73.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on VRE shares. Evercore ISI boosted their price objective on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. boosted their price objective on shares of Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Monday, September 16th.

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.