Northern Trust Corp Acquires 501,867 Shares of Veris Residential, Inc. (NYSE:VRE)

Northern Trust Corp lifted its stake in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) by 49.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,524,968 shares of the company's stock after purchasing an additional 501,867 shares during the period. Northern Trust Corp owned approximately 1.64% of Veris Residential worth $25,360,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of VRE. Covestor Ltd boosted its position in Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company's stock valued at $28,000 after buying an additional 1,687 shares during the last quarter. Sterling Capital Management LLC lifted its position in Veris Residential by 824.6% during the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company's stock valued at $42,000 after purchasing an additional 2,243 shares during the period. Cornerstone Investment Partners LLC bought a new position in shares of Veris Residential in the 4th quarter valued at about $184,000. Jump Financial LLC bought a new position in shares of Veris Residential in the 4th quarter valued at about $205,000. Finally, Van ECK Associates Corp grew its position in shares of Veris Residential by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company's stock worth $247,000 after buying an additional 1,378 shares during the period. Institutional investors and hedge funds own 93.04% of the company's stock.

Veris Residential Stock Down 0.1%

Shares of Veris Residential stock traded down $0.02 during trading hours on Friday, reaching $15.50. 72,213 shares of the company's stock were exchanged, compared to its average volume of 482,048. 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 company has a 50 day moving average of $15.88 and a two-hundred day moving average of $16.45. The stock has a market cap of $1.45 billion, a P/E ratio of -91.12, a P/E/G ratio of 2.50 and a beta of 1.24. Veris Residential, Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $18.85.

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 for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. The firm had revenue of $67.76 million during the quarter, compared to the consensus estimate of $69.24 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. On average, sell-side analysts forecast that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.06%. Veris Residential's payout ratio is -100.00%.

Analysts Set New Price Targets

A number of research analysts have 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. Evercore ISI reiterated an "in-line" rating and issued a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th.

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.