Vestcor Inc Buys New Stake in Veris Residential, Inc. (NYSE:VRE)

Key Points

• Vestcor Inc has acquired 76,168 shares of Veris Residential, Inc., totaling approximately $1,289,000, marking its first stake in the company.
• Veris Residential's stock has recently seen analyst activity, with ratings ranging from "hold" to "buy" and an average target price of $19.20.
• The company announced a quarterly dividend of $0.08 per share, leading to a 2.3% yield, despite a negative dividend payout ratio of -139.13%.

Vestcor Inc acquired a new position in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 76,168 shares of the company's stock, valued at approximately $1,289,000. Vestcor Inc owned approximately 0.08% of Veris Residential as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. GF Fund Management CO. LTD. acquired a new stake in shares of Veris Residential during the fourth quarter worth about $25,000. Covestor Ltd increased its position in shares of Veris Residential by 11,246.7% during 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 in the last quarter. 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 purchasing an additional 2,243 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Veris Residential during the fourth quarter worth about $45,000. Finally, State of Wyoming acquired a new stake in shares of Veris Residential during the fourth quarter worth about $52,000. 93.04% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VRE has been the subject of several recent research reports. BTIG Research decreased their target price on shares of Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Evercore ISI increased their target price on shares of Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a research note on Friday, July 25th. Wall Street Zen upgraded shares of Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Truist Financial decreased their target price 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. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $19.20.

Veris Residential Stock Performance

NYSE:VRE traded down $0.16 during mid-day trading on Wednesday, reaching $14.15. The stock had a trading volume of 136,967 shares, compared to its average volume of 494,446. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.61 and a current ratio of 0.61. The business has a 50 day simple moving average of $14.76 and a 200 day simple moving average of $15.50. Veris Residential, Inc. has a twelve month low of $13.69 and a twelve month high of $18.85. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -61.46, a PEG ratio of 2.19 and a beta of 1.24.

Veris Residential (NYSE:VRE - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $75.93 million for the quarter, compared to analyst estimates of $69.06 million. On average, analysts expect that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Monday, June 30th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, June 30th. Veris Residential's dividend payout ratio is -139.13%.

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.