Adage Capital Partners GP L.L.C. acquired a new position in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,701 shares of the company's stock, valued at approximately $266,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in Veris Residential by 26.6% in the first quarter. Royal Bank of Canada now owns 17,263 shares of the company's stock valued at $292,000 after acquiring an additional 3,623 shares during the period. Cubist Systematic Strategies LLC increased its stake in Veris Residential by 19.4% in the first quarter. Cubist Systematic Strategies LLC now owns 278,334 shares of the company's stock valued at $4,709,000 after acquiring an additional 45,277 shares during the period. Graham Capital Management L.P. increased its stake in Veris Residential by 7.2% in the first quarter. Graham Capital Management L.P. now owns 64,300 shares of the company's stock valued at $1,088,000 after acquiring an additional 4,314 shares during the period. Magnetar Financial LLC bought a new stake in Veris Residential in the first quarter valued at about $195,000. Finally, Anson Funds Management LP increased its stake in Veris Residential by 1,027.5% in the first quarter. Anson Funds Management LP now owns 249,150 shares of the company's stock valued at $4,209,000 after acquiring an additional 227,053 shares during the period. Institutional investors own 93.04% of the company's stock.
Wall Street Analysts Forecast Growth
VRE has been the topic of a number of analyst reports. Wall Street Zen raised shares of Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. BTIG Research decreased their price objective on shares of Veris Residential from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. Finally, Evercore ISI upped their price objective on shares of Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a research note on Friday, July 25th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $19.20.
Check Out Our Latest Analysis on VRE
Veris Residential Price Performance
Shares of VRE stock traded down $0.25 during trading hours on Friday, reaching $15.90. 567,595 shares of the company were exchanged, compared to its average volume of 662,024. Veris Residential, Inc. has a fifty-two week low of $13.69 and a fifty-two week high of $18.85. The stock's fifty day moving average is $14.79 and its two-hundred day moving average is $15.33. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -69.11, a P/E/G ratio of 2.76 and a beta of 1.34. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.61 and a quick ratio of 0.61.
Veris Residential (NYSE:VRE - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. The company had revenue of $75.93 million for the quarter, compared to analyst estimates of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. Sell-side analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.
Veris Residential Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, September 30th. Veris Residential's dividend payout ratio is presently -139.13%.
About Veris Residential
(
Free Report)
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.
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