Quarry LP Buys New Shares in Veris Residential, Inc. (NYSE:VRE)

Quarry LP purchased a new position in Veris Residential, Inc. (NYSE:VRE) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,172 shares of the company’s stock, valued at approximately $48,000.

Several other institutional investors have also added to or reduced their stakes in VRE. Norges Bank bought a new stake in shares of Veris Residential in the 4th quarter valued at about $8,154,000. Verition Fund Management LLC lifted its position in Veris Residential by 18.9% in the fourth quarter. Verition Fund Management LLC now owns 395,704 shares of the company’s stock valued at $6,224,000 after purchasing an additional 62,804 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in shares of Veris Residential during the fourth quarter valued at approximately $2,956,000. Hazelview Securities Inc. bought a new position in shares of Veris Residential in the first quarter worth approximately $2,678,000. Finally, Vert Asset Management LLC increased its stake in shares of Veris Residential by 4.9% in the first quarter. Vert Asset Management LLC now owns 28,852 shares of the company’s stock worth $439,000 after buying an additional 1,354 shares during the period. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Stock Down 0.3 %

Shares of NYSE VRE opened at $17.49 on Friday. The firm has a fifty day simple moving average of $16.96 and a two-hundred day simple moving average of $15.68. The firm has a market capitalization of $1.62 billion, a PE ratio of -17.49, a price-to-earnings-growth ratio of 6.73 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.33. Veris Residential, Inc. has a 12 month low of $13.06 and a 12 month high of $18.18.

Veris Residential (NYSE:VRE) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 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 company had revenue of $67.48 million during the quarter, compared to analysts’ expectations of $67.73 million. During the same quarter last year, the business earned $0.16 earnings per share. Equities analysts expect that Veris Residential, Inc. will post 0.55 earnings per share for the current year.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.60%. This is a boost from Veris Residential’s previous quarterly dividend of $0.06. The ex-dividend date is Monday, September 30th. Veris Residential’s dividend payout ratio is presently -28.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on VRE. Truist Financial cut their price target on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, June 24th. 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. Finally, JPMorgan Chase & Co. upped their price target on Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Monday, September 16th.

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.