Arizona State Retirement System Raises Holdings in Veris Residential, Inc. (NYSE:VRE)

Arizona State Retirement System boosted its stake in shares of Veris Residential, Inc. (NYSE:VRE) by 13.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,263 shares of the company’s stock after acquiring an additional 2,897 shares during the quarter. Arizona State Retirement System’s holdings in Veris Residential were worth $403,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of VRE. Cornerstone Investment Partners LLC acquired a new stake in shares of Veris Residential during the 4th quarter worth approximately $184,000. Natixis Advisors LLC purchased a new stake in Veris Residential during the third quarter worth $203,000. Van ECK Associates Corp boosted its holdings in Veris Residential by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock worth $247,000 after buying an additional 1,378 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Veris Residential in the third quarter valued at $263,000. Finally, Tidal Investments LLC purchased a new position in Veris Residential in the third quarter valued at $397,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Stock Up 0.5 %

VRE stock opened at $16.13 on Friday. 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. The firm has a 50-day simple moving average of $16.04 and a 200-day simple moving average of $16.96. The stock has a market capitalization of $1.50 billion, a P/E ratio of -94.85, a P/E/G ratio of 2.50 and a beta of 1.24.

Veris Residential (NYSE:VRE) last posted its quarterly earnings data on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.01). The firm had revenue of $68.08 million for the quarter, compared to analysts’ expectations of $66.98 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. Equities analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.98%. Veris Residential’s payout ratio is currently -133.33%.

Analyst Upgrades and Downgrades

VRE has been the topic of a number of analyst reports. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and raised their target price for the company from $14.00 to $17.00 in a research report on Tuesday, December 17th. Truist Financial raised their price objective on Veris Residential from $16.00 to $17.00 and gave the company a “hold” rating in a report on Monday, March 10th. Finally, Evercore ISI reaffirmed an “in-line” rating and set a $18.00 target price (down from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th.

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.