Rhumbline Advisers Sells 3,156 Shares of Veris Residential, Inc. (NYSE:VRE)

Rhumbline Advisers lessened its holdings in Veris Residential, Inc. (NYSE:VRE) by 1.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 265,956 shares of the company’s stock after selling 3,156 shares during the period. Rhumbline Advisers owned 0.29% of Veris Residential worth $3,989,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in Veris Residential by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock valued at $180,000 after acquiring an additional 663 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Veris Residential by 57.1% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,966 shares of the company’s stock worth $254,000 after purchasing an additional 6,168 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Veris Residential by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 751,050 shares of the company’s stock worth $11,266,000 after purchasing an additional 5,012 shares in the last quarter. Easterly Investment Partners LLC grew its holdings in shares of Veris Residential by 22.3% during the 2nd quarter. Easterly Investment Partners LLC now owns 132,696 shares of the company’s stock worth $1,990,000 after purchasing an additional 24,181 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in Veris Residential by 2.0% in the second quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock valued at $608,000 after buying an additional 800 shares in the last quarter. Institutional investors own 93.04% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on VRE shares. Evercore ISI raised their price objective on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. raised their price objective on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday. Finally, Truist Financial decreased their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a research note on Monday, June 24th.

Insider Activity at Veris Residential

In related news, Director Nori Gerardo Lietz bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average price of $14.31 per share, with a total value of $143,100.00. Following the completion of the transaction, the director now directly owns 39,687 shares in the company, valued at $567,920.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Mahbod Nia bought 35,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average price of $14.32 per share, with a total value of $501,200.00. Following the completion of the transaction, the chief executive officer now directly owns 380,869 shares in the company, valued at $5,454,044.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Nori Gerardo Lietz purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the completion of the acquisition, the director now directly owns 39,687 shares of the company’s stock, valued at approximately $567,920.97. The disclosure for this purchase can be found here. 15.00% of the stock is owned by insiders.

Veris Residential Stock Performance

Shares of Veris Residential stock opened at $17.99 on Tuesday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.84 and a current ratio of 0.84. Veris Residential, Inc. has a 52 week low of $13.06 and a 52 week high of $18.17. The stock has a 50 day moving average price of $16.39 and a two-hundred day moving average price of $15.41. The stock has a market capitalization of $1.67 billion, a PE ratio of -17.99, a price-to-earnings-growth ratio of 6.67 and a beta of 1.25.

Veris Residential (NYSE:VRE) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. The firm had revenue of $67.48 million during the quarter, compared to analyst estimates of $67.73 million. During the same period last year, the business posted $0.16 EPS. As a group, equities analysts anticipate that Veris Residential, Inc. will post 0.54 earnings per share for the current fiscal year.

Veris Residential Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Veris Residential’s previous quarterly dividend of $0.06. Veris Residential’s dividend payout ratio (DPR) is -28.00%.

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.