APG Asset Management US Inc. Takes $5.71 Million Position in Veris Residential, Inc. $VRE

Key Points

• APG Asset Management US Inc. has acquired a new position in Veris Residential with an investment of approximately $5.71 million, representing about 0.36% of the company by sheer stock volume.
• Veris Residential reported an earnings beat in its latest quarterly results, earning $0.17 per share against analyst expectations of $0.14, and had revenues of $75.93 million compared to the consensus estimate of $69.06 million.
• The company recently declared a quarterly dividend of $0.08 per share, leading to a 2.1% dividend yield despite a significant negative dividend payout ratio of -139.13%.

APG Asset Management US Inc. bought a new stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 336,124 shares of the company's stock, valued at approximately $5,714,000. APG Asset Management US Inc. owned approximately 0.36% of Veris Residential at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Hsbc Holdings PLC lifted its holdings in shares of Veris Residential by 12.0% during the 1st quarter. Hsbc Holdings PLC now owns 79,773 shares of the company's stock valued at $1,349,000 after buying an additional 8,572 shares during the period. Northern Trust Corp raised its stake in shares of Veris Residential by 0.9% in the first quarter. Northern Trust Corp now owns 1,538,788 shares of the company's stock valued at $26,036,000 after acquiring an additional 13,820 shares during the period. Fox Run Management L.L.C. lifted its position in shares of Veris Residential by 14.2% during the first quarter. Fox Run Management L.L.C. now owns 41,591 shares of the company's stock worth $704,000 after purchasing an additional 5,177 shares during the last quarter. Resona Asset Management Co. Ltd. grew its position in shares of Veris Residential by 9.7% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 35,000 shares of the company's stock worth $588,000 after buying an additional 3,104 shares in the last quarter. Finally, HighTower Advisors LLC bought a new position in shares of Veris Residential in the 1st quarter worth $222,000. Institutional investors own 93.04% of the company's stock.

Veris Residential Stock Performance

NYSE VRE opened at $15.2310 on Friday. The business's 50 day moving average is $14.53 and its two-hundred day moving average is $15.35. Veris Residential, Inc. has a 12-month low of $13.69 and a 12-month high of $18.85. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -66.22, a PEG ratio of 2.47 and a beta of 1.24.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly 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 net margin of 7.84% and a negative return on equity of 1.89%. The business had revenue of $75.93 million during the quarter, compared to the consensus estimate of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. Research analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Monday, June 30th were given a dividend of $0.08 per share. The ex-dividend date was Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.1%. Veris Residential's dividend payout ratio (DPR) is -139.13%.

Analyst Upgrades and Downgrades

VRE has been the subject of a number of research analyst reports. Truist Financial reduced their target price on Veris Residential from $17.00 to $16.00 and set a "hold" rating for the company in a research note on Monday, May 5th. 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 reduced their price target 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 raised their price objective on shares of Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus 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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