Veris Residential, Inc. $VRE Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. trimmed its stake in Veris Residential by 1.3% in the fourth quarter, selling 153,344 shares and still holding about 12.52% of the company.
• Analyst sentiment is mixed but generally cautious: the stock has a consensus rating of Hold with a consensus price target of $19.50 after recent target increases from Truist Financial and Citigroup.
• Veris Residential recently reported quarterly earnings of -$0.15 per share, missing expectations, while revenue came in at $70.1 million and the company paid a quarterly dividend of $0.08 per share.

Vanguard Group Inc. lowered its holdings in Veris Residential, Inc. (NYSE:VRE - Free Report) by 1.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,697,209 shares of the company's stock after selling 153,344 shares during the period. Vanguard Group Inc. owned approximately 12.52% of Veris Residential worth $174,054,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Covestor Ltd increased its position in shares of Veris Residential by 29.0% in the third quarter. Covestor Ltd now owns 3,270 shares of the company's stock worth $49,000 after acquiring an additional 736 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Veris Residential by 71.1% in the fourth quarter. GAMMA Investing LLC now owns 1,954 shares of the company's stock worth $29,000 after acquiring an additional 812 shares in the last quarter. Amalgamated Bank increased its position in shares of Veris Residential by 3.6% in the third quarter. Amalgamated Bank now owns 23,892 shares of the company's stock worth $363,000 after acquiring an additional 827 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Veris Residential by 2.8% in the third quarter. Intech Investment Management LLC now owns 33,241 shares of the company's stock worth $505,000 after acquiring an additional 905 shares in the last quarter. Finally, Vert Asset Management LLC grew its holdings in Veris Residential by 2.9% during the 3rd quarter. Vert Asset Management LLC now owns 37,318 shares of the company's stock valued at $567,000 after purchasing an additional 1,062 shares in the last quarter. Institutional investors and hedge funds own 93.04% of the company's stock.

Analyst Ratings Changes

VRE has been the subject of a number of recent analyst reports. Truist Financial raised their price target on shares of Veris Residential from $15.00 to $19.00 and gave the company a "hold" rating in a report on Tuesday, March 24th. Wall Street Zen lowered shares of Veris Residential from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Finally, Citigroup raised their price target on shares of Veris Residential from $16.00 to $19.00 and gave the company a "neutral" rating in a report on Wednesday, April 1st. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $19.50.

Veris Residential Price Performance

VRE opened at $18.96 on Monday. The company has a fifty day simple moving average of $18.90 and a 200 day simple moving average of $16.47. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 3.15 and a beta of 1.07. Veris Residential, Inc. has a twelve month low of $13.69 and a twelve month high of $19.03. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.10.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.33). The firm had revenue of $70.10 million for the quarter, compared to analyst estimates of $68.06 million. Veris Residential had a net margin of 24.30% and a return on equity of 5.34%. Equities research analysts expect that Veris Residential, Inc. will post 0.78 EPS for the current fiscal year.

Veris Residential Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, March 31st. Veris Residential's dividend payout ratio (DPR) is currently 41.56%.

About Veris Residential

Veris Residential, Inc NYSE: VRE is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company's portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.

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