State Street Corp Has $82.02 Million Stock Position in Veris Residential, Inc. (NYSE:VRE)

State Street Corp lessened its position in shares of Veris Residential, Inc. (NYSE:VRE) by 0.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,574,473 shares of the company’s stock after selling 23,140 shares during the quarter. State Street Corp’s holdings in Veris Residential were worth $82,018,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Veris Residential by 35.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after acquiring an additional 755 shares during the period. Quarry LP acquired a new position in Veris Residential in the second quarter valued at about $48,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Veris Residential during the 2nd quarter worth about $48,000. Natixis Advisors LLC bought a new stake in shares of Veris Residential in the 3rd quarter valued at about $203,000. Finally, Van ECK Associates Corp raised its position in shares of 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. Institutional investors own 93.04% of the company’s stock.

Analysts Set New Price Targets

VRE has been the subject of several recent analyst reports. Bank of America raised shares of Veris Residential from a “neutral” rating to a “buy” rating and upped their target price for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th. JPMorgan Chase & Co. lifted their target price on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Finally, Evercore ISI increased their price target on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th.

Veris Residential Stock Performance

Shares of NYSE:VRE opened at $17.50 on Tuesday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -102.94, a PEG ratio of 2.91 and a beta of 1.27. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85. The company’s fifty day simple moving average is $17.60 and its 200 day simple moving average is $16.68. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.83%. This is a positive change from Veris Residential’s previous quarterly dividend of $0.07. The ex-dividend date is Tuesday, December 31st. Veris Residential’s payout ratio is -188.24%.

Veris Residential Company 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.