Geode Capital Management LLC Has $35.74 Million Position in Veris Residential, Inc. (NYSE:VRE)

Geode Capital Management LLC grew its position in shares of Veris Residential, Inc. (NYSE:VRE) by 1.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,000,918 shares of the company’s stock after purchasing an additional 21,133 shares during the quarter. Geode Capital Management LLC owned approximately 2.15% of Veris Residential worth $35,743,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Louisiana State Employees Retirement System boosted its position in Veris Residential by 2.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock worth $608,000 after buying an additional 800 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Veris Residential by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 751,050 shares of the company’s stock worth $11,266,000 after purchasing an additional 5,012 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Veris Residential by 57.1% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,966 shares of the company’s stock worth $254,000 after purchasing an additional 6,168 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Veris Residential by 5.8% in the second quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after purchasing an additional 663 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Veris Residential by 1.2% in the second quarter. Victory Capital Management Inc. now owns 1,194,049 shares of the company’s stock valued at $17,911,000 after purchasing an additional 13,943 shares during the period. 93.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

VRE has been the topic of several recent research reports. JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $17.00 in a report on Tuesday, December 17th. Evercore ISI upped their target price on 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 shares of Veris Residential from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th.

Veris Residential Stock Performance

VRE stock opened at $16.64 on Thursday. The firm has a market cap of $1.55 billion, a PE ratio of -97.88, a price-to-earnings-growth ratio of 2.91 and a beta of 1.27. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock has a 50-day moving average price of $17.51 and a 200-day moving average price of $16.73. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85.

Veris Residential Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $0.08 dividend. 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 1.92%. The ex-dividend date is Tuesday, December 31st. Veris Residential’s payout ratio is presently -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.