Boothbay Fund Management LLC Has $6.81 Million Stock Position in Veris Residential, Inc. $VRE

Key Points

• Boothbay Fund Management LLC significantly increased its stake in Veris Residential, Inc. by 961.0% in Q1 2023, owning 402,616 shares valued at approximately $6.81 million.
• Veris Residential is projecting a fiscal year 2025 guidance of 0.630-0.640 EPS and recently reported earnings of $0.17 per share, exceeding analyst estimates.
• The company announced a quarterly dividend of $0.08, which translates to an annual yield of 2.0%, despite a negative dividend payout ratio of -139.13%.

Boothbay Fund Management LLC increased its stake in Veris Residential, Inc. (NYSE:VRE - Free Report) by 961.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 402,616 shares of the company's stock after acquiring an additional 364,670 shares during the period. Boothbay Fund Management LLC owned approximately 0.43% of Veris Residential worth $6,812,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in VRE. Price T Rowe Associates Inc. MD boosted its holdings in Veris Residential by 9.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,332 shares of the company's stock worth $1,037,000 after buying an additional 5,523 shares in the last quarter. Northern Trust Corp boosted its holdings in Veris Residential by 49.1% during the fourth quarter. Northern Trust Corp now owns 1,524,968 shares of the company's stock worth $25,360,000 after buying an additional 501,867 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Veris Residential by 28.9% during the fourth quarter. BNP Paribas Financial Markets now owns 22,341 shares of the company's stock worth $372,000 after buying an additional 5,003 shares in the last quarter. Centiva Capital LP bought a new stake in Veris Residential during the fourth quarter worth approximately $589,000. Finally, Cubist Systematic Strategies LLC boosted its holdings in Veris Residential by 78.7% during the fourth quarter. Cubist Systematic Strategies LLC now owns 233,057 shares of the company's stock worth $3,876,000 after buying an additional 102,625 shares in the last quarter. 93.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Evercore ISI raised their target price on shares of Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, BTIG Research reduced 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. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Veris Residential presently has a consensus rating of "Hold" and a consensus target price of $19.20.

Veris Residential Stock Down 0.6%

VRE stock traded down $0.10 during midday trading on Tuesday, reaching $16.10. The company had a trading volume of 388,340 shares, compared to its average volume of 506,092. Veris Residential, Inc. has a 1 year low of $13.69 and a 1 year 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 company has a market capitalization of $1.50 billion, a P/E ratio of -69.98, a PEG ratio of 2.77 and a beta of 1.34. The company has a 50 day moving average of $14.68 and a two-hundred day moving average of $15.32.

Veris Residential (NYSE:VRE - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, topping the consensus estimate 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. On average, equities research analysts expect that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. The ex-dividend date 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 -139.13%.

About Veris Residential

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.