Point72 DIFC Ltd Buys New Holdings in Veris Residential, Inc. (NYSE:VRE)

Point72 DIFC Ltd purchased a new position in Veris Residential, Inc. (NYSE:VRE) during the second quarter, Holdings Channel reports. The fund purchased 15,521 shares of the company’s stock, valued at approximately $233,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VRE. Allspring Global Investments Holdings LLC grew its holdings in shares of Veris Residential by 417.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after purchasing an additional 2,167 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Veris Residential during the 1st quarter valued at $152,000. Quadrature Capital Ltd bought a new stake in Veris Residential in the 1st quarter worth $156,000. Cornerstone Investment Partners LLC purchased a new position in shares of Veris Residential in the first quarter valued at about $167,000. Finally, Van ECK Associates Corp increased its position in shares of Veris Residential by 5.8% in the second 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. Institutional investors own 93.04% of the company’s stock.

Veris Residential Price Performance

VRE stock opened at $17.67 on Friday. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.84 and a quick ratio of 0.84. Veris Residential, Inc. has a 1 year low of $13.06 and a 1 year high of $18.18. The firm has a 50-day moving average of $16.76 and a 200 day moving average of $15.59. The company has a market cap of $1.64 billion, a P/E ratio of -17.67, a PEG ratio of 6.73 and a beta of 1.25.

Veris Residential (NYSE:VRE) last announced its earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11). Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. The firm had revenue of $67.48 million during the quarter, compared to the consensus estimate of $67.73 million. During the same period in the prior year, the company posted $0.16 EPS. On average, sell-side analysts forecast that Veris Residential, Inc. will post 0.55 EPS for the current year.

Veris Residential Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.58%. 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 payout ratio is -24.00%.

Analysts Set New Price Targets

Several research firms recently issued reports on VRE. Evercore ISI raised their target price on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. lifted 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, September 16th. 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 report on Monday, June 24th.

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.