Swiss National Bank Boosts Stock Holdings in Veris Residential, Inc. (NYSE:VRE)

Swiss National Bank lifted its holdings in shares of Veris Residential, Inc. (NYSE:VRE) by 13.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,400 shares of the company’s stock after buying an additional 19,300 shares during the quarter. Swiss National Bank owned about 0.18% of Veris Residential worth $2,734,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of VRE. Cornerstone Investment Partners LLC bought a new stake in Veris Residential during the 4th quarter valued at $184,000. Natixis Advisors LLC purchased a new position in shares of Veris Residential in the third quarter valued at $203,000. Van ECK Associates Corp raised its stake in shares of Veris Residential by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock valued at $247,000 after purchasing an additional 1,378 shares during the period. Point72 Asset Management L.P. purchased a new stake in Veris Residential during the 3rd quarter worth about $263,000. Finally, Tidal Investments LLC bought a new position in Veris Residential in the 3rd quarter worth about $397,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Stock Down 0.2 %

Shares of NYSE VRE opened at $16.70 on Friday. 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 business has a 50-day moving average of $16.16 and a 200-day moving average of $16.90. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -98.23, a PEG ratio of 2.50 and a beta of 1.24. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85.

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

Veris Residential Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.92%. The ex-dividend date is Monday, March 31st. Veris Residential’s dividend payout ratio (DPR) is currently -133.33%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on VRE. Evercore ISI reissued an “in-line” rating and issued a $18.00 price target (down from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. Truist Financial upped their target price on shares of Veris Residential from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Monday, March 10th. Finally, JPMorgan Chase & Co. raised shares of Veris Residential from an “underweight” rating to a “neutral” rating and raised their price target for the company from $14.00 to $17.00 in a report on Tuesday, December 17th.

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.