Allianz Asset Management GmbH Acquires Shares of 54,127 Veris Residential, Inc. (NYSE:VRE)

Allianz Asset Management GmbH purchased a new stake in Veris Residential, Inc. (NYSE:VRE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 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 SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. KLP Kapitalforvaltning AS acquired a new stake in shares of Veris Residential in the fourth quarter valued at approximately $274,000. Vanguard Group Inc. lifted its position in shares of Veris Residential by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company's stock valued at $211,157,000 after buying an additional 331,354 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Veris Residential by 10.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 54,842 shares of the company's stock valued at $909,000 after buying an additional 5,386 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Veris Residential by 1.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,124,570 shares of the company's stock valued at $35,332,000 after buying an additional 21,713 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Veris Residential in the fourth quarter valued at approximately $4,828,000. 93.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Truist Financial cut their price objective on Veris Residential from $17.00 to $16.00 and set a "hold" rating for the company in a research report on Monday, May 5th. Evercore ISI raised their price objective on Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a research report on Friday, July 25th. Wall Street Zen raised Veris Residential from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, BTIG Research cut their price objective on Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a research 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $19.20.

Veris Residential Stock Performance

NYSE VRE traded down $0.25 on Friday, reaching $13.83. The stock had a trading volume of 666,034 shares, compared to its average volume of 497,525. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a fifty day moving average of $14.78 and a two-hundred day moving average of $15.53. Veris Residential, Inc. has a 1-year low of $13.69 and a 1-year high of $18.85. The company has a market cap of $1.29 billion, a P/E ratio of -60.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.24.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, beating 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 firm had revenue of $75.93 million for the quarter, compared to analyst estimates of $69.06 million. On average, equities research analysts anticipate that Veris Residential, Inc. will post 0.61 EPS 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, June 30th. Veris Residential's dividend payout ratio is currently -139.13%.

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.