Envestnet Portfolio Solutions Inc. Raises Stake in Veris Residential, Inc. $VRE

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in Veris Residential, Inc. by 229.8% in Q2, now holding 36,948 shares valued at approximately $550,000.
• Other institutions have also significantly boosted their positions in Veris Residential, with CWM LLC increasing its holdings by 925.9% during the same period.
• Veris Residential recently declared a quarterly dividend of $0.08 per share, yielding an annualized rate of 2.2%.

Envestnet Portfolio Solutions Inc. grew its stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 229.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,948 shares of the company's stock after purchasing an additional 25,746 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Veris Residential were worth $550,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. CWM LLC boosted its position in shares of Veris Residential by 925.9% during the 2nd quarter. CWM LLC now owns 7,017 shares of the company's stock worth $104,000 after purchasing an additional 6,333 shares in the last quarter. Magnetar Financial LLC acquired a new position in shares of Veris Residential during the 1st quarter worth $195,000. Natixis Advisors LLC acquired a new position in shares of Veris Residential during the 1st quarter worth $202,000. Teacher Retirement System of Texas acquired a new position in shares of Veris Residential during the 1st quarter worth $207,000. Finally, HighTower Advisors LLC acquired a new position in shares of Veris Residential during the 1st quarter worth $222,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on VRE shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Veris Residential in a research note on Wednesday, October 8th. BTIG Research cut their price target on Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Wall Street Zen raised Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Evercore ISI lifted their price target on Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Veris Residential presently has a consensus rating of "Hold" and a consensus target price of $19.20.

Veris Residential Trading Down 0.4%

NYSE VRE opened at $14.61 on Wednesday. Veris Residential, Inc. has a 12 month low of $13.69 and a 12 month high of $18.85. The company has a 50-day moving average of $15.10 and a 200-day moving average of $15.03. 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 company has a market cap of $1.36 billion, a P/E ratio of -63.50, a P/E/G ratio of 2.51 and a beta of 1.35.

Veris Residential (NYSE:VRE - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share (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 business had revenue of $75.93 million during the quarter, compared to analysts' expectations of $69.06 million. As a group, equities analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, September 30th. Veris Residential's dividend payout ratio is currently -139.13%.

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.

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