Vestcor Inc Acquires New Holdings 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 bought a new position in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 76,168 shares of the company's stock, valued at approximately $1,289,000. Vestcor Inc owned 0.08% of Veris Residential as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in VRE. KLP Kapitalforvaltning AS purchased a new position in Veris Residential during the 4th quarter valued at about $274,000. Vanguard Group Inc. grew its holdings in Veris Residential by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company's stock worth $211,157,000 after purchasing an additional 331,354 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Veris Residential by 1.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,124,570 shares of the company's stock valued at $35,332,000 after purchasing an additional 21,713 shares in the last quarter. Norges Bank purchased a new position in shares of Veris Residential during the fourth quarter valued at approximately $4,828,000. Finally, Pictet Asset Management Holding SA boosted its position in shares of Veris Residential by 13.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 24,339 shares of the company's stock worth $405,000 after purchasing an additional 2,848 shares in the last quarter. Institutional investors own 93.04% of the company's stock.

Veris Residential Stock Down 1.8%

Shares of VRE traded down $0.25 on Friday, hitting $13.83. 666,034 shares of the stock traded hands, compared to its average volume of 530,827. Veris Residential, Inc. has a one year low of $13.69 and a one year high of $18.85. The company has a market capitalization of $1.29 billion, a PE ratio of -60.13, a P/E/G ratio of 2.15 and a beta of 1.24. The business has a 50 day simple moving average of $14.78 and a 200 day simple moving average of $15.52. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.61 and a current ratio of 0.61.

Veris Residential (NYSE:VRE - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.14 by $0.03. The business had revenue of $75.93 million for the quarter, compared to the consensus estimate of $69.06 million. Veris Residential had a negative return on equity of 1.89% and a negative net margin of 7.84%. As a group, equities analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on VRE shares. Truist Financial cut their price target on Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. BTIG Research dropped their target price on Veris Residential from $26.00 to $22.00 and set a "buy" rating on the stock in a report on Wednesday, July 23rd. Wall Street Zen upgraded Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Evercore ISI lifted their price target on Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a research report on Friday, July 25th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Veris Residential currently has a consensus rating of "Hold" and a consensus target price of $19.20.

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.