Principal Financial Group Inc. Has $6.80 Million Stock Position in Veris Residential, Inc. (NYSE:VRE)

Principal Financial Group Inc. cut its position in Veris Residential, Inc. (NYSE:VRE) by 4.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 380,593 shares of the company’s stock after selling 16,308 shares during the period. Principal Financial Group Inc.’s holdings in Veris Residential were worth $6,797,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC acquired a new position in shares of Veris Residential in the 2nd quarter worth approximately $2,175,000. Renaissance Technologies LLC boosted its stake in 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 purchasing an additional 67,400 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Veris Residential by 5.8% during the second quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after purchasing an additional 663 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Veris Residential by 3.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock worth $26,264,000 after purchasing an additional 49,378 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Veris Residential by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock valued at $35,743,000 after buying an additional 21,133 shares in the last quarter. 93.04% of the stock is owned by institutional investors.

Veris Residential Price Performance

Shares of VRE stock opened at $16.63 on Thursday. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -97.82, 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 has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock has a 50-day moving average price of $17.45 and a 200 day moving average price of $16.79.

Veris Residential Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.92%. This is an increase 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%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Veris Residential from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th.

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.