Vanguard Group Inc. Sells 145,317 Shares of Veris Residential, Inc. $VRE

Key Points

• Vanguard Group Inc. holds a $212.38 million stake in Veris Residential, now owning approximately 13.45% of the company after a slight decrease in shares during the first quarter.
• Several hedge funds, including Exchange Traded Concepts LLC and New York State Common Retirement Fund, have adjusted their positions in Veris Residential, which now has an institutional ownership of 93.04%.
• Veris Residential's stock has shown a twelve-month low of $13.69 and a high of $18.85, with the company recently reporting better-than-expected earnings per share and revenue for the last quarter.

Vanguard Group Inc. decreased its position in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,552,024 shares of the company's stock after selling 145,317 shares during the period. Vanguard Group Inc. owned about 13.45% of Veris Residential worth $212,380,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of VRE. Wells Fargo & Company MN increased its holdings in shares of Veris Residential by 6.4% during the fourth quarter. Wells Fargo & Company MN now owns 47,291 shares of the company's stock worth $786,000 after buying an additional 2,860 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Veris Residential by 26.8% during the fourth quarter. Russell Investments Group Ltd. now owns 43,071 shares of the company's stock worth $716,000 after buying an additional 9,102 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Veris Residential by 6.7% during the fourth quarter. Invesco Ltd. now owns 422,077 shares of the company's stock worth $7,019,000 after buying an additional 26,546 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Veris Residential during the fourth quarter worth approximately $1,737,000. Finally, Sterling Capital Management LLC increased its holdings 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 buying an additional 2,243 shares in the last quarter. Institutional investors and hedge funds own 93.04% of the company's stock.

Analyst Upgrades and Downgrades

VRE has been the subject of a number of research reports. Wall Street Zen raised shares of Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial lowered their price target on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating for the company in a report on Monday, May 5th. Evercore ISI raised their price target 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. Finally, BTIG Research lowered their price target 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 equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $19.20.

Veris Residential Trading Down 0.8%

VRE stock traded down $0.1250 during midday trading on Monday, reaching $15.1150. The company's stock had a trading volume of 705,028 shares, compared to its average volume of 502,579. Veris Residential, Inc. has a 52 week low of $13.69 and a 52 week high of $18.85. The stock has a market cap of $1.41 billion, a PE ratio of -65.72, a price-to-earnings-growth ratio of 2.61 and a beta of 1.24. 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 business's 50-day simple moving average is $14.53 and its 200-day simple moving average is $15.33.

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 (EPS) for the quarter, beating 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 firm had revenue of $75.93 million for the quarter, compared to analysts' expectations of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. As a group, sell-side analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.1%. 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.