Nuveen LLC Invests $34.82 Million in Veris Residential, Inc. (NYSE:VRE)

Key Points

• Nuveen LLC has invested approximately $34.82 million in Veris Residential, acquiring 2,057,742 shares, representing 2.21% ownership of the company.
• Veris Residential's stock received mixed reviews from analysts, with a consensus rating of "Hold" and a target price averaging $19.20.
• The company reported a quarterly EPS of $0.17, exceeding expectations, and recently declared a dividend of $0.08 per share.

Nuveen LLC purchased a new position in Veris Residential, Inc. (NYSE:VRE - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,057,742 shares of the company's stock, valued at approximately $34,817,000. Nuveen LLC owned 2.21% of Veris Residential as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Natixis Advisors LLC purchased a new stake in Veris Residential in the first quarter worth approximately $202,000. Vestcor Inc purchased a new stake in Veris Residential in the first quarter worth approximately $1,289,000. XTX Topco Ltd purchased a new stake in Veris Residential in the first quarter worth approximately $511,000. GSA Capital Partners LLP lifted its holdings in Veris Residential by 106.7% in the first quarter. GSA Capital Partners LLP now owns 117,676 shares of the company's stock valued at $1,991,000 after acquiring an additional 60,755 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Veris Residential in the first quarter valued at about $611,000. 93.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

VRE has been the topic of a number of recent research reports. Wall Street Zen raised Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial lowered their target price on Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Evercore ISI lifted their price target on shares of Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a research note on Friday, July 25th. Finally, BTIG Research dropped their price target on shares of 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 research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Veris Residential has a consensus rating of "Hold" and a consensus target price of $19.20.

Veris Residential Stock Up 0.6%

VRE opened at $14.21 on Friday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.61 and a current ratio of 0.61. Veris Residential, Inc. has a fifty-two week low of $13.69 and a fifty-two week high of $18.85. The firm's fifty day moving average is $14.59 and its 200 day moving average is $15.40. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -61.78, a price-to-earnings-growth ratio of 2.43 and a beta of 1.24.

Veris Residential (NYSE:VRE - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations of $69.06 million. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. On average, sell-side analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Monday, June 30th were paid a $0.08 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 2.3%. Veris Residential's payout ratio is presently -139.13%.

About Veris Residential

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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