Adage Capital Partners GP L.L.C. Acquires New Stake in Veris Residential, Inc. $VRE

Adage Capital Partners GP L.L.C. acquired a new stake in Veris Residential, Inc. (NYSE:VRE - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 15,701 shares of the company's stock, valued at approximately $266,000.

Several other institutional investors have also bought and sold shares of the company. Royal Bank of Canada lifted 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 purchasing an additional 3,623 shares during the last quarter. Cubist Systematic Strategies LLC lifted 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 purchasing an additional 45,277 shares during the last quarter. Graham Capital Management L.P. lifted 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 purchasing an additional 4,314 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of Veris Residential in the first quarter valued at approximately $195,000. Finally, Anson Funds Management LP raised its position in shares of 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 purchasing an additional 227,053 shares during the period. Hedge funds and other institutional investors own 93.04% of the company's stock.

Veris Residential Trading Down 0.2%

Veris Residential stock opened at $16.21 on Tuesday. The stock has a market cap of $1.51 billion, a P/E ratio of -70.46, a PEG ratio of 2.77 and a beta of 1.34. Veris Residential, Inc. has a fifty-two week low of $13.69 and a fifty-two week high of $18.85. The firm's fifty day moving average price is $14.68 and its 200-day moving average price is $15.32. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.61 and a current ratio of 0.61.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. The firm had revenue of $75.93 million for the quarter, compared to analysts' expectations of $69.06 million. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. Equities research analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.0%. Veris Residential's dividend payout ratio is presently -139.13%.

Analysts Set New Price Targets

Several research firms have recently issued reports on VRE. Evercore ISI boosted their price target on shares of Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a research report on Friday, July 25th. BTIG Research dropped their target price on Veris Residential from $26.00 to $22.00 and set a "buy" rating on the stock in a research report on Wednesday, July 23rd. Finally, Wall Street Zen upgraded Veris Residential from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $19.20.

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.

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