Veris Residential (NYSE:VRE) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Veris Residential (NYSE:VRE) from an underweight rating to a neutral rating in a report issued on Tuesday, MarketBeat Ratings reports. The firm currently has $17.00 price objective on the stock, up from their previous price objective of $14.00.

A number of other equities research analysts also recently commented on VRE. Evercore ISI lifted their target price on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th.

Veris Residential Price Performance

Shares of VRE opened at $16.38 on Tuesday. The firm has a market capitalization of $1.52 billion, a PE ratio of -96.35, a price-to-earnings-growth ratio of 2.91 and a beta of 1.27. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The company’s fifty day moving average price is $17.58 and its 200-day moving average price is $16.70. Veris Residential has a 1-year low of $13.84 and a 1-year high of $18.85.

Veris Residential Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is a boost from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a yield of 1.95%. The ex-dividend date is Tuesday, December 31st. Veris Residential’s dividend payout ratio (DPR) is currently -188.24%.

Institutional Investors Weigh In On Veris Residential

Hedge funds have recently bought and sold shares of the stock. Lighthouse Investment Partners LLC purchased a new position in shares of Veris Residential during the 2nd quarter valued at approximately $2,175,000. Renaissance Technologies LLC raised its position in shares of Veris Residential by 387.4% in the second quarter. Renaissance Technologies LLC now owns 84,800 shares of the company’s stock worth $1,272,000 after acquiring an additional 67,400 shares during the period. Van ECK Associates Corp raised 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 worth $180,000 after acquiring an additional 663 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Veris Residential by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock worth $26,264,000 after acquiring an additional 49,378 shares in the last quarter. Finally, DigitalBridge Group Inc. acquired a new stake in shares of Veris Residential during the 2nd quarter valued at about $13,673,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.

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.