JPMorgan Chase & Co. Acquires 219,901 Shares of Veris Residential, Inc. (NYSE:VRE)

JPMorgan Chase & Co. grew its holdings in Veris Residential, Inc. (NYSE:VRE) by 11.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,102,857 shares of the company’s stock after buying an additional 219,901 shares during the quarter. JPMorgan Chase & Co.’s holdings in Veris Residential were worth $37,557,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. DigitalBridge Group Inc. acquired a new position in Veris Residential during the second quarter worth $13,673,000. Adelante Capital Management LLC bought a new position in Veris Residential in the third quarter valued at about $11,001,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Veris Residential by 491.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock valued at $11,013,000 after acquiring an additional 512,406 shares during the last quarter. AXA S.A. acquired a new stake in Veris Residential in the second quarter worth about $6,392,000. Finally, Marshall Wace LLP bought a new stake in Veris Residential during the 2nd quarter worth about $5,502,000. 93.04% of the stock is owned by institutional investors.

Veris Residential Price Performance

NYSE VRE opened at $16.57 on Monday. The firm’s 50 day moving average is $17.40 and its 200-day moving average is $16.83. 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 company has a market capitalization of $1.54 billion, a PE ratio of -97.46, a price-to-earnings-growth 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.

Veris Residential Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This is a positive change from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Tuesday, December 31st. Veris Residential’s payout ratio is presently -188.24%.

Analyst Ratings Changes

VRE has been the subject of a number of recent analyst reports. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and upped their price target for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $14.00 to $17.00 in a report on Tuesday, December 17th.

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.