Exchange Traded Concepts LLC bought a new position in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 47,897 shares of the company's stock, valued at approximately $810,000. Exchange Traded Concepts LLC owned 0.05% of Veris Residential at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its holdings in Veris Residential by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company's stock worth $247,000 after acquiring an additional 1,378 shares during the period. Rhumbline Advisers increased its stake in shares of Veris Residential by 1.7% in the 4th quarter. Rhumbline Advisers now owns 265,115 shares of the company's stock valued at $4,409,000 after acquiring an additional 4,422 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Veris Residential by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 391,831 shares of the company's stock worth $6,516,000 after acquiring an additional 11,238 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Veris Residential by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 670,520 shares of the company's stock valued at $11,151,000 after purchasing an additional 15,653 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Veris Residential by 6.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 44,888 shares of the company's stock worth $746,000 after purchasing an additional 2,791 shares in the last quarter. 93.04% of the stock is currently owned by institutional investors and hedge funds.
Veris Residential Stock Performance
VRE stock traded down $0.11 during midday trading on Tuesday, hitting $15.03. The company's stock had a trading volume of 524,156 shares, compared to its average volume of 491,050. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -46.95, a PEG ratio of 1.68 and a beta of 1.23. Veris Residential, Inc. has a 1 year low of $14.12 and a 1 year high of $18.85. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.38. The stock's 50-day moving average price is $15.34 and its 200 day moving average price is $15.92.
Veris Residential (NYSE:VRE - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. Veris Residential had a negative net margin of 11.02% and a negative return on equity of 2.62%. The firm had revenue of $67.76 million during the quarter, compared to analyst estimates of $69.24 million. On average, equities analysts forecast that Veris Residential, Inc. will post 0.61 EPS for the current year.
Veris Residential Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Monday, June 30th. Veris Residential's payout ratio is -100.00%.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on VRE shares. Evercore ISI reissued an "in-line" rating and issued a $18.00 price objective (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Truist Financial dropped their price target on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Finally, Wall Street Zen lowered Veris Residential from a "hold" rating to a "sell" rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Veris Residential presently has a consensus rating of "Hold" and a consensus target price of $18.50.
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About Veris Residential
(
Free Report)
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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