Quest Partners LLC Buys Shares of 15,105 Veris Residential, Inc. (NYSE:VRE)

Quest Partners LLC bought a new stake in shares of Veris Residential, Inc. (NYSE:VRE) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 15,105 shares of the company’s stock, valued at approximately $227,000.

Several other institutional investors have also added to or reduced their stakes in VRE. Allspring Global Investments Holdings LLC boosted its stake in Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after purchasing an additional 2,167 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Veris Residential during the 1st quarter valued at $152,000. Quadrature Capital Ltd purchased a new stake in Veris Residential during the 1st quarter valued at $156,000. Cornerstone Investment Partners LLC purchased a new stake in Veris Residential during the 1st quarter valued at $167,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Veris Residential by 5.8% during the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock valued at $180,000 after buying an additional 663 shares during the period. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. Evercore ISI upped their price objective on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Truist Financial reduced their price target on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Veris Residential from $11.00 to $13.00 and gave the stock an “underweight” rating in a report on Monday, June 17th.

Veris Residential Price Performance

Shares of Veris Residential stock opened at $17.99 on Friday. The stock has a market cap of $1.67 billion, a P/E ratio of -17.99, a P/E/G ratio of 6.67 and a beta of 1.25. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.84 and a current ratio of 0.84. The stock’s fifty day moving average is $16.33 and its 200 day moving average is $15.39. Veris Residential, Inc. has a one year low of $13.06 and a one year high of $18.07.

Veris Residential (NYSE:VRE) last posted 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). The company had revenue of $67.48 million during the quarter, compared to the consensus estimate of $67.73 million. Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. During the same period last year, the business earned $0.16 EPS. Sell-side analysts anticipate that Veris Residential, Inc. will post 0.54 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. Shareholders of record on Monday, September 30th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.28 annualized dividend and a yield of 1.56%. This is an increase from Veris Residential’s previous quarterly dividend of $0.06. Veris Residential’s payout ratio is currently -24.00%.

Insider Transactions at Veris Residential

In other news, Director Nori Gerardo Lietz bought 10,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the purchase, the director now owns 39,687 shares in the company, valued at $567,920.97. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Mahbod Nia bought 35,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average price of $14.32 per share, with a total value of $501,200.00. Following the acquisition, the chief executive officer now owns 380,869 shares of the company’s stock, valued at approximately $5,454,044.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Nori Gerardo Lietz bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was purchased at an average cost of $14.31 per share, with a total value of $143,100.00. Following the acquisition, the director now directly owns 39,687 shares in the company, valued at approximately $567,920.97. The disclosure for this purchase can be found here. Corporate insiders own 15.00% of the company’s stock.

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.