Veris Residential, Inc. (NYSE:VRE) Stock Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in Veris Residential, Inc. (NYSE:VRE) by 11.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,102,857 shares of the company’s stock after purchasing an additional 219,901 shares during the period. JPMorgan Chase & Co. owned 2.26% of Veris Residential worth $37,557,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. DigitalBridge Group Inc. bought a new stake in Veris Residential in the second quarter valued at $13,673,000. Adelante Capital Management LLC acquired a new position in Veris Residential during the 3rd quarter valued at about $11,001,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Veris Residential by 491.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock worth $11,013,000 after purchasing an additional 512,406 shares during the last quarter. AXA S.A. bought a new stake in shares of Veris Residential during the second quarter valued at approximately $6,392,000. Finally, Marshall Wace LLP bought a new position in shares of Veris Residential in the second quarter worth $5,502,000. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Trading Up 0.7 %

Shares of NYSE VRE opened at $16.57 on Monday. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -97.46, a PEG ratio of 2.91 and a beta of 1.27. The business has a 50 day simple moving average of $17.40 and a 200 day simple moving average of $16.83. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. Veris Residential, Inc. has a 52 week low of $13.84 and a 52 week high of $18.85.

Veris Residential Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is a boost from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a yield of 1.93%. Veris Residential’s dividend payout ratio is currently -188.24%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on VRE. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and upped their target price for the company from $20.00 to $23.00 in a report on Tuesday, November 12th.

Veris Residential Company 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.