Boothbay Fund Management LLC Purchases 364,670 Shares of 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 lifted its stake in Veris Residential, Inc. (NYSE:VRE - Free Report) by 961.0% during the first quarter, according to its most recent 13F filing with the 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 0.43% of Veris Residential worth $6,812,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Veris Residential by 3.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,631 shares of the company's stock valued at $742,000 after acquiring an additional 1,465 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in Veris Residential in the 4th quarter valued at approximately $25,000. Point72 Hong Kong Ltd acquired a new stake in Veris Residential in the 4th quarter valued at approximately $45,000. Y Intercept Hong Kong Ltd grew its holdings in Veris Residential by 10.2% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 31,196 shares of the company's stock valued at $528,000 after buying an additional 2,887 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in Veris Residential by 13.8% in the 1st quarter. New York State Common Retirement Fund now owns 24,786 shares of the company's stock valued at $419,000 after buying an additional 3,000 shares during the last quarter. 93.04% of the stock is owned by institutional investors.

Veris Residential Price Performance

Shares of Veris Residential stock traded up $0.32 during midday trading on Friday, hitting $16.21. 750,448 shares of the company were exchanged, compared to its average volume of 549,690. 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 market cap of $1.51 billion, a P/E ratio of -70.49, a PEG ratio of 2.77 and a beta of 1.34. Veris Residential, Inc. has a 52 week low of $13.69 and a 52 week high of $18.85. The firm has a 50 day simple moving average of $14.65 and a 200-day simple moving average of $15.32.

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

Veris Residential Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VRE. Evercore ISI lifted their price objective on 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 raised Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, BTIG Research decreased their price objective on Veris Residential from $26.00 to $22.00 and set a "buy" rating on the stock in a report on Wednesday, July 23rd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price 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.