Public Sector Pension Investment Board Purchases 54,857 Shares of Veris Residential, Inc. $VRE

Public Sector Pension Investment Board lifted its holdings in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 27.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 256,177 shares of the company's stock after acquiring an additional 54,857 shares during the quarter. Public Sector Pension Investment Board owned 0.27% of Veris Residential worth $4,335,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. GF Fund Management CO. LTD. purchased a new stake in shares of Veris Residential during the fourth quarter worth about $25,000. Sterling Capital Management LLC increased its position in shares of Veris Residential by 824.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,515 shares of the company's stock worth $42,000 after acquiring an additional 2,243 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Veris Residential during the fourth quarter worth about $45,000. State of Wyoming purchased a new stake in shares of Veris Residential during the fourth quarter worth about $52,000. Finally, Lazard Asset Management LLC purchased a new stake in shares of Veris Residential during the fourth quarter worth about $117,000. 93.04% of the stock is owned by hedge funds and other institutional investors.

Veris Residential Trading Up 2.8%

VRE traded up $0.3950 during mid-day trading on Tuesday, hitting $14.3850. The stock had a trading volume of 245,319 shares, compared to its average volume of 478,913. Veris Residential, Inc. has a 1-year low of $13.69 and a 1-year 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 stock's fifty day simple moving average is $14.55 and its 200-day simple moving average is $15.37. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -62.54, a price-to-earnings-growth ratio of 2.39 and a beta of 1.24.

Veris Residential (NYSE:VRE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.03. The company had revenue of $75.93 million during 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%. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. As a group, research analysts forecast that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

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

Wall Street Analysts Forecast Growth

VRE has been the subject of a number of research reports. BTIG Research decreased their price target on Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Truist Financial decreased their target price 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. Evercore ISI lifted their price target 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, Wall Street Zen raised Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $19.20.

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.