Raymond James Financial Inc. Takes Position in Veris Residential, Inc. (NYSE:VRE)

Raymond James Financial Inc. purchased a new position in shares of Veris Residential, Inc. (NYSE:VRE - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 104,458 shares of the company's stock, valued at approximately $1,737,000. Raymond James Financial Inc. owned 0.11% of Veris Residential at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Cornerstone Investment Partners LLC purchased a new position in shares of Veris Residential in the fourth quarter valued at $184,000. Van ECK Associates Corp boosted its stake in shares of 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 purchasing an additional 1,378 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Veris Residential during the fourth quarter valued at about $274,000. Tidal Investments LLC bought a new position in Veris Residential during the 3rd quarter worth approximately $397,000. Finally, Arizona State Retirement System increased its stake in shares of Veris Residential by 13.6% in the fourth quarter. Arizona State Retirement System now owns 24,263 shares of the company's stock worth $403,000 after buying an additional 2,897 shares during the period. 93.04% of the stock is currently owned by institutional investors.

Veris Residential Price Performance

Veris Residential stock traded down $0.14 during midday trading on Wednesday, reaching $15.69. 618,923 shares of the stock traded hands, compared to its average volume of 519,309. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock has a market cap of $1.46 billion, a P/E ratio of -92.29, a PEG ratio of 2.50 and a beta of 1.24. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85. The stock's fifty day moving average is $16.03 and its 200-day moving average is $16.52.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $67.76 million during the quarter, compared to the consensus estimate of $69.24 million. As a group, equities research analysts anticipate that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Monday, March 31st. Veris Residential's payout ratio is -100.00%.

Analyst Ratings Changes

Several analysts have commented on the stock. Evercore ISI restated an "in-line" rating and issued a $18.00 price objective (down from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. Truist Financial reduced their price objective 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.

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.