Intech Investment Management LLC Boosts Stake in Veris Residential, Inc. (NYSE:VRE)

Intech Investment Management LLC increased its stake in shares of Veris Residential, Inc. (NYSE:VRE) by 60.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,386 shares of the company’s stock after buying an additional 8,837 shares during the quarter. Intech Investment Management LLC’s holdings in Veris Residential were worth $418,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Van ECK Associates Corp grew its position in Veris Residential by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock valued at $180,000 after buying an additional 663 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Veris Residential by 35.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock valued at $51,000 after buying an additional 755 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Veris Residential by 2.0% in the second quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock valued at $608,000 after buying an additional 800 shares in the last quarter. abrdn plc grew its holdings in Veris Residential by 10.5% during the third quarter. abrdn plc now owns 15,671 shares of the company’s stock worth $280,000 after acquiring an additional 1,495 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Veris Residential by 4.4% in the second quarter. The Manufacturers Life Insurance Company now owns 40,070 shares of the company’s stock worth $601,000 after acquiring an additional 1,681 shares in the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Veris Residential Stock Performance

Shares of VRE opened at $18.03 on Tuesday. The firm has a 50-day moving average price of $17.62 and a 200 day moving average price of $16.50. The firm has a market capitalization of $1.68 billion, a PE ratio of -106.06, a P/E/G ratio of 3.02 and a beta of 1.26. Veris Residential, Inc. has a 52-week low of $13.84 and a 52-week high of $18.85. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $0.08 dividend. This is a positive change from Veris Residential’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.77%. Veris Residential’s dividend payout ratio (DPR) is -188.24%.

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.