Amalgamated Bank Lowers Stake in Veris Residential, Inc. (NYSE:VRE)

Amalgamated Bank trimmed its position in Veris Residential, Inc. (NYSE:VRE) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,912 shares of the company’s stock after selling 637 shares during the quarter. Amalgamated Bank’s holdings in Veris Residential were worth $427,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Van ECK Associates Corp increased its position in Veris Residential by 5.8% during the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after purchasing an additional 663 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Veris Residential by 35.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after acquiring an additional 755 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Veris Residential by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock valued at $608,000 after acquiring an additional 800 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Veris Residential by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 15,978 shares of the company’s stock valued at $243,000 after acquiring an additional 1,096 shares in the last quarter. Finally, abrdn plc boosted its position in Veris Residential by 10.5% during the 3rd quarter. abrdn plc now owns 15,671 shares of the company’s stock worth $280,000 after purchasing an additional 1,495 shares during the period. 93.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on VRE shares. Evercore ISI upped their target price on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. upped their price target on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Finally, Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th.

Veris Residential Stock Down 0.4 %

Shares of NYSE VRE opened at $18.21 on Friday. 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 1 year low of $13.28 and a 1 year high of $18.85. The stock’s 50-day simple moving average is $17.50 and its 200-day simple moving average is $16.26. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -107.12, a PEG ratio of 3.08 and a beta of 1.26.

Veris Residential Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a yield of 1.76%. Veris Residential’s payout ratio is currently -188.24%.

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.