Allianz Asset Management GmbH Acquires New Position in Veris Residential, Inc. (NYSE:VRE)

Key Points

• Allianz Asset Management GmbH purchased 54,127 shares of Veris Residential, Inc., valued at approximately $916,000, establishing a new position in the company.
• Veris Residential's stock experienced a 1.8% decline to $13.83, with significant trading volume of 666,034 shares, compared to its average of 497,525.
• The company announced a quarterly dividend of $0.08 per share, equating to an annualized yield of 2.3%, despite a negative dividend payout ratio of -139.13%.

Allianz Asset Management GmbH bought a new stake in Veris Residential, Inc. (NYSE:VRE - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 54,127 shares of the company's stock, valued at approximately $916,000. Allianz Asset Management GmbH owned approximately 0.06% of Veris Residential as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. New York State Common Retirement Fund increased its holdings in shares of Veris Residential by 13.8% during the 1st quarter. New York State Common Retirement Fund now owns 24,786 shares of the company's stock worth $419,000 after purchasing an additional 3,000 shares during the period. Cerity Partners LLC lifted its stake in shares of Veris Residential by 110.4% during the 1st quarter. Cerity Partners LLC now owns 21,403 shares of the company's stock worth $362,000 after buying an additional 11,231 shares during the last quarter. Principal Financial Group Inc. increased its position in Veris Residential by 2.6% during the first quarter. Principal Financial Group Inc. now owns 402,124 shares of the company's stock worth $6,804,000 after acquiring an additional 10,293 shares during the period. Teacher Retirement System of Texas bought a new position in Veris Residential in the 1st quarter valued at about $207,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Veris Residential during the 1st quarter worth approximately $190,000. Institutional investors and hedge funds own 93.04% of the company's stock.

Veris Residential Price Performance

VRE traded up $0.25 during trading on Monday, reaching $14.09. 84,854 shares of the stock were exchanged, compared to its average volume of 494,245. Veris Residential, Inc. has a 1 year low of $13.69 and a 1 year high of $18.85. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -61.20, a P/E/G ratio of 2.15 and a beta of 1.24. The business's 50 day moving average price is $14.78 and its two-hundred day moving average price is $15.52. 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 released its earnings results on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. Veris Residential had a negative return on equity of 1.89% and a negative net margin of 7.84%. The company had revenue of $75.93 million for the quarter, compared to the consensus estimate of $69.06 million. As a group, equities research analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Monday, June 30th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 2.3%. Veris Residential's dividend payout ratio is currently -139.13%.

Analysts Set New Price Targets

VRE has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Truist Financial reduced their price objective on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Evercore ISI increased 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. Finally, BTIG Research cut their target price on shares of Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.20.

Veris Residential Company 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.