GSA Capital Partners LLP Purchases 60,755 Shares of Veris Residential, Inc. (NYSE:VRE)

Key Points

• GSA Capital Partners LLP increased its stake in Veris Residential by 106.7%, owning 117,676 shares worth approximately $1.99 million after purchasing an additional 60,755 shares in Q1.
• Analysts have mixed views on Veris Residential, with BTIG Research lowering their target price from $26.00 to $22.00, while Evercore ISI raised theirs from $17.50 to $18.00.
• Veris Residential declared a quarterly dividend of $0.08 per share, reflecting an annualized dividend of $0.32, despite a negative payout ratio of -139.13%.

GSA Capital Partners LLP lifted its holdings in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 106.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 117,676 shares of the company's stock after acquiring an additional 60,755 shares during the period. GSA Capital Partners LLP owned approximately 0.13% of Veris Residential worth $1,991,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in VRE. Raymond James Financial Inc. bought a new stake in shares of Veris Residential during the fourth quarter worth about $1,737,000. KLP Kapitalforvaltning AS bought a new stake in shares of Veris Residential during the fourth quarter worth about $274,000. Vanguard Group Inc. raised its holdings in shares of Veris Residential by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company's stock valued at $211,157,000 after purchasing an additional 331,354 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Veris Residential by 10.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 54,842 shares of the company's stock valued at $909,000 after purchasing an additional 5,386 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Veris Residential by 1.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,124,570 shares of the company's stock valued at $35,332,000 after purchasing an additional 21,713 shares during the last quarter. 93.04% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on VRE shares. Evercore ISI increased their target price on shares of Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a report on Friday, July 25th. Truist Financial reduced their price objective 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 upgraded Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, BTIG Research lowered their target price on Veris Residential from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Veris Residential currently has a consensus rating of "Hold" and an average target price of $19.20.

Veris Residential Stock Performance

Shares of NYSE VRE traded down $0.27 during mid-day trading on Friday, reaching $13.81. 416,176 shares of the company's stock were exchanged, compared to its average volume of 495,115. Veris Residential, Inc. has a 52 week low of $13.69 and a 52 week high of $18.85. 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 50-day moving average price of $14.80 and a two-hundred day moving average price of $15.54. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -60.33, a price-to-earnings-growth ratio of 2.21 and a beta of 1.21.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $75.93 million for the quarter, compared to analysts' expectations of $69.06 million. Veris Residential had a negative return on equity of 1.89% and a negative net margin of 7.84%. Analysts predict that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Dividend Announcement

The company also recently declared 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Monday, June 30th. Veris Residential's payout ratio is -139.13%.

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.