Millennium Management LLC Has $25.36 Million Stock Holdings in Veris Residential, Inc. $VRE

Key Points

• Millennium Management LLC reduced its stake in Veris Residential, Inc. by 26.0%, selling 526,015 shares and retaining about 1.61% ownership valued at $25.36 million.
• Analysts have set varied price targets for Veris Residential, with BTIG Research cutting it from $26.00 to $22.00 while the average consensus rating is currently a "Hold" with a price target of $19.20.
• Veris Residential reported a quarterly EPS of $0.17, surpassing analyst estimates, and has announced a quarterly dividend of $0.08 per share, reflecting an annual yield of 2.0%.

Millennium Management LLC reduced its stake in Veris Residential, Inc. (NYSE:VRE - Free Report) by 26.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,498,906 shares of the company's stock after selling 526,015 shares during the quarter. Millennium Management LLC owned approximately 1.61% of Veris Residential worth $25,361,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. purchased a new position in Veris Residential during the fourth quarter worth about $25,000. Point72 Hong Kong Ltd purchased a new position in Veris Residential during the 4th quarter valued at about $45,000. State of Wyoming purchased a new position in shares of Veris Residential in the fourth quarter valued at approximately $52,000. Lazard Asset Management LLC purchased a new position in shares of Veris Residential in the fourth quarter valued at approximately $117,000. Finally, CTC Alternative Strategies Ltd. purchased a new position in shares of Veris Residential in the fourth quarter valued at approximately $175,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Stock Performance

VRE stock traded up $0.13 during mid-day trading on Wednesday, reaching $15.52. The company had a trading volume of 65,562 shares, compared to its average volume of 514,996. The stock's 50-day simple moving average is $14.82 and its two-hundred day simple moving average is $15.31. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $1.45 billion, a P/E ratio of -67.52, a P/E/G ratio of 2.63 and a beta of 1.34. Veris Residential, Inc. has a one year low of $13.69 and a one year high of $18.85.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. Research analysts anticipate that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 30th. Veris Residential's payout ratio is -139.13%.

Wall Street Analysts Forecast Growth

VRE has been the subject of a number of recent research reports. Wall Street Zen upgraded Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Evercore ISI boosted their target price on Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a report on Friday, July 25th. 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 investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock 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.