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

Northern Trust Corp grew its holdings in Veris Residential, Inc. (NYSE:VRE - Free Report) by 49.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund 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 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Evercore ISI reiterated an "in-line" rating and set a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Truist Financial lowered their target price 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.

Veris Residential Price Performance

Shares of VRE traded down $0.19 during mid-day trading on Wednesday, reaching $15.11. 370,627 shares of the stock traded hands, compared to its average volume of 520,914. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -88.88, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. Veris Residential, Inc. has a 1 year low of $13.84 and a 1 year high of $18.85. The firm has a fifty day moving average price of $15.93 and a 200 day moving average price of $16.47. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The firm had revenue of $67.76 million for the quarter, compared to analysts' expectations of $69.24 million. As a group, equities research analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were paid a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 2.12%. Veris Residential's dividend payout ratio is presently -100.00%.

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.