Nuveen LLC Acquires New Shares in Veris Residential, Inc. $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 stake in Veris Residential, Inc. (NYSE:VRE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,057,742 shares of the company's stock, valued at approximately $34,817,000. Nuveen LLC owned approximately 2.21% of Veris Residential at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Nuveen Asset Management LLC boosted its stake in Veris Residential by 2.6% in the 4th quarter. Nuveen Asset Management LLC now owns 2,149,233 shares of the company's stock valued at $35,742,000 after buying an additional 53,564 shares in the last quarter. Millennium Management LLC boosted its stake in Veris Residential by 10.5% in the 4th quarter. Millennium Management LLC now owns 2,024,921 shares of the company's stock valued at $33,674,000 after buying an additional 192,116 shares in the last quarter. Northern Trust Corp boosted its stake in Veris Residential by 49.1% in the 4th quarter. Northern Trust Corp now owns 1,524,968 shares of the company's stock valued at $25,360,000 after buying an additional 501,867 shares in the last quarter. Argosy Lionbridge Management LLC acquired a new stake in Veris Residential in the 4th quarter valued at $19,028,000. Finally, Woodline Partners LP boosted its stake in Veris Residential by 62.1% in the 4th quarter. Woodline Partners LP now owns 922,515 shares of the company's stock valued at $15,341,000 after buying an additional 353,540 shares in the last quarter. Institutional investors and hedge funds own 93.04% of the company's stock.

Veris Residential Trading Up 0.0%

Shares of VRE traded up $0.0030 during trading hours on Thursday, hitting $14.4230. 279,668 shares of the stock traded hands, compared to its average volume of 472,014. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.47. Veris Residential, Inc. has a 1-year low of $13.69 and a 1-year high of $18.85. The firm has a market capitalization of $1.35 billion, a PE ratio of -62.71, a price-to-earnings-growth ratio of 2.47 and a beta of 1.24. The business has a fifty day moving average of $14.52 and a 200-day moving average of $15.35.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. Analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Monday, June 30th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 30th. Veris Residential's dividend payout ratio is -139.13%.

Analyst Ratings Changes

A number of research firms have commented on VRE. BTIG Research reduced their price objective 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. Evercore ISI boosted their price objective 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. Truist Financial reduced their price objective on Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Finally, Wall Street Zen raised Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.