Nisa Investment Advisors LLC Lowers Stock Position in Veris Residential, Inc. (NYSE:VRE)

Nisa Investment Advisors LLC trimmed its position in shares of Veris Residential, Inc. (NYSE:VRE) by 9.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,442 shares of the company’s stock after selling 2,408 shares during the period. Nisa Investment Advisors LLC’s holdings in Veris Residential were worth $409,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Veris Residential in the 2nd quarter worth $48,000. Quarry LP purchased a new stake in Veris Residential during the second quarter valued at about $48,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Veris Residential by 35.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after purchasing an additional 755 shares during the last quarter. Natixis Advisors LLC purchased a new position in shares of Veris Residential in the 3rd quarter worth about $203,000. Finally, Van ECK Associates Corp increased its position in shares of Veris Residential by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 13,492 shares of the company’s stock valued at $235,000 after purchasing an additional 1,481 shares during the last quarter. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th.

Veris Residential Stock Performance

Shares of VRE stock opened at $15.74 on Thursday. 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 company’s fifty day moving average price is $16.84 and its 200-day moving average price is $16.95. The stock has a market cap of $1.46 billion, a PE ratio of -92.55, a price-to-earnings-growth ratio of 2.49 and a beta of 1.28. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85.

Veris Residential (NYSE:VRE) last announced its earnings results on Wednesday, October 30th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.22). Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The business had revenue of $68.18 million for the quarter, compared to the consensus estimate of $68.24 million. During the same period in the prior year, the business posted $0.12 EPS. On average, equities analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were paid a $0.08 dividend. 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 dividend yield of 2.03%. The ex-dividend date of this dividend was Tuesday, December 31st. Veris Residential’s dividend payout ratio is currently -188.22%.

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.