Norges Bank Invests $4.83 Million in Veris Residential, Inc. (NYSE:VRE)

Norges Bank bought a new position in Veris Residential, Inc. (NYSE:VRE - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 290,295 shares of the company's stock, valued at approximately $4,828,000. Norges Bank owned approximately 0.31% of Veris Residential as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of VRE. Cornerstone Investment Partners LLC bought a new stake in shares of Veris Residential during the fourth quarter worth about $184,000. Van ECK Associates Corp increased its position in Veris Residential by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company's stock valued at $247,000 after acquiring an additional 1,378 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Veris Residential during the third quarter valued at $263,000. KLP Kapitalforvaltning AS bought a new position in shares of Veris Residential during the fourth quarter valued at $274,000. Finally, Tidal Investments LLC acquired a new position in shares of Veris Residential during the third quarter worth $397,000. 93.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on VRE shares. Evercore ISI reaffirmed an "in-line" rating and set a $18.00 target price (down from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th. Truist Financial raised their price objective on Veris Residential from $16.00 to $17.00 and gave the stock a "hold" rating in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. upgraded Veris Residential from an "underweight" rating to a "neutral" rating and upped their target price for the company from $14.00 to $17.00 in a report on Tuesday, December 17th.

Veris Residential Trading Up 0.3 %

VRE stock traded up $0.05 during midday trading on Tuesday, hitting $15.30. The stock had a trading volume of 32,693 shares, compared to its average volume of 454,977. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The business has a fifty day moving average price of $16.13 and a two-hundred day moving average price of $16.71. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85. The firm has a market cap of $1.42 billion, a P/E ratio of -89.94, a price-to-earnings-growth ratio of 2.50 and a beta of 1.17.

Veris Residential (NYSE:VRE - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.01). Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The business had revenue of $68.08 million during the quarter, compared to analyst estimates of $66.98 million. On average, sell-side analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 31st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Monday, March 31st. Veris Residential's dividend payout ratio (DPR) is -133.33%.

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.