Principal Financial Group Inc. Cuts Stake in Veris Residential, Inc. (NYSE:VRE)

Principal Financial Group Inc. decreased its stake in Veris Residential, Inc. (NYSE:VRE) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 380,593 shares of the company’s stock after selling 16,308 shares during the period. Principal Financial Group Inc. owned approximately 0.41% of Veris Residential worth $6,797,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lighthouse Investment Partners LLC acquired a new position in Veris Residential in the 2nd quarter worth $2,175,000. Tidal Investments LLC lifted its holdings in Veris Residential by 268.8% in the first quarter. Tidal Investments LLC now owns 50,959 shares of the company’s stock worth $775,000 after acquiring an additional 37,141 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Veris Residential by 387.4% in the second quarter. Renaissance Technologies LLC now owns 84,800 shares of the company’s stock valued at $1,272,000 after acquiring an additional 67,400 shares during the period. Van ECK Associates Corp grew its holdings in shares of Veris Residential by 5.8% during the second quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock valued at $180,000 after purchasing an additional 663 shares during the last quarter. Finally, DigitalBridge Group Inc. acquired a new stake in shares of Veris Residential during the 2nd quarter worth approximately $13,673,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Up 0.7 %

Shares of Veris Residential stock opened at $18.30 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. Veris Residential, Inc. has a 1 year low of $13.28 and a 1 year high of $18.85. The stock has a 50-day moving average price of $17.54 and a 200 day moving average price of $16.31. The company has a market cap of $1.70 billion, a P/E ratio of -107.65, a P/E/G ratio of 3.01 and a beta of 1.26.

Veris Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a yield of 1.75%. Veris Residential’s payout ratio is presently -188.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, September 16th. Evercore ISI upped their price target on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Finally, Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $20.00 to $23.00 in a research note on Tuesday, November 12th.

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.