Bank of New York Mellon Corp Has $10.92 Million Stake in Veris Residential, Inc. (NYSE:VRE)

Bank of New York Mellon Corp trimmed its stake in Veris Residential, Inc. (NYSE:VRE - Free Report) by 3.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 645,162 shares of the company's stock after selling 25,358 shares during the period. Bank of New York Mellon Corp owned 0.69% of Veris Residential worth $10,916,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of VRE. GF Fund Management CO. LTD. bought a new stake in Veris Residential during the 4th quarter valued at approximately $25,000. Covestor Ltd increased its holdings in shares of Veris Residential by 11,246.7% in the fourth quarter. Covestor Ltd now owns 1,702 shares of the company's stock worth $28,000 after purchasing an additional 1,687 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of Veris Residential by 824.6% during the 4th 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 in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Veris Residential during the 4th quarter valued at approximately $45,000. Finally, State of Wyoming purchased a new position in shares of Veris Residential in the fourth quarter valued at $52,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Price Performance

NYSE VRE traded up $0.04 during mid-day trading on Monday, hitting $14.36. The stock had a trading volume of 409,364 shares, compared to its average volume of 469,049. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.38. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 23.10, a P/E/G ratio of 1.59 and a beta of 1.21. Veris Residential, Inc. has a 52-week low of $14.12 and a 52-week high of $18.85. The company has a 50 day simple moving average of $14.95 and a 200 day simple moving average of $15.62.

Veris Residential (NYSE:VRE - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. The firm had revenue of $67.76 million for the quarter, compared to analysts' expectations of $69.24 million. Veris Residential had a negative net margin of 11.02% and a negative return on equity of 2.62%. Equities analysts forecast that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 2.23%. Veris Residential's dividend payout ratio (DPR) is currently -100.00%.

Wall Street Analysts Forecast Growth

VRE has been the subject of a number of recent analyst reports. Truist Financial dropped their price target on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Wall Street Zen downgraded Veris Residential from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $18.50.

Veris Residential 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.