Raymond James Financial Inc. Invests $1.74 Million in Veris Residential, Inc. (NYSE:VRE)

Raymond James Financial Inc. acquired a new stake in shares of Veris Residential, Inc. (NYSE:VRE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 104,458 shares of the company’s stock, valued at approximately $1,737,000. Raymond James Financial Inc. owned about 0.11% of Veris Residential as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of VRE. Arizona State Retirement System raised its position in Veris Residential by 13.6% in the fourth quarter. Arizona State Retirement System now owns 24,263 shares of the company’s stock worth $403,000 after acquiring an additional 2,897 shares during the period. Cbre Investment Management Listed Real Assets LLC increased its stake in shares of Veris Residential by 51.7% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 975,262 shares of the company’s stock worth $16,219,000 after purchasing an additional 332,381 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Veris Residential by 1.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,217,649 shares of the company’s stock worth $20,250,000 after purchasing an additional 17,179 shares during the period. Cornerstone Investment Partners LLC purchased a new position in Veris Residential during the fourth quarter valued at $184,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Veris Residential by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,483,318 shares of the company’s stock valued at $24,668,000 after purchasing an additional 12,782 shares during the period. Institutional investors own 93.04% of the company’s stock.

Veris Residential Trading Up 0.8 %

VRE stock opened at $16.91 on Tuesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85. The business has a 50 day simple moving average of $16.19 and a two-hundred day simple moving average of $16.89. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -99.45, a PEG ratio of 2.50 and a beta of 1.24.

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

Veris Residential Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.89%. Veris Residential’s dividend payout ratio is currently -133.33%.

Analyst Ratings Changes

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