Point72 Asset Management L.P. purchased a new stake in shares of Veris Residential, Inc. (NYSE:VRE – Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 14,700 shares of the company’s stock, valued at approximately $263,000.
A number of other hedge funds have also modified their holdings of VRE. Point72 Asia Singapore Pte. Ltd. purchased a new position in Veris Residential in the second quarter valued at about $48,000. Quarry LP bought a new stake in shares of Veris Residential in the 2nd quarter valued at approximately $48,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Veris Residential by 35.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock valued at $51,000 after buying an additional 755 shares in the last quarter. Van ECK Associates Corp raised its position in Veris Residential by 5.8% during the second 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 in the last quarter. Finally, Natixis Advisors LLC acquired a new stake in Veris Residential in the third quarter valued at approximately $203,000. 93.04% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on VRE. JPMorgan Chase & Co. increased their price target on shares of Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Monday, September 16th. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and raised their target price for the company from $20.00 to $23.00 in a report on Tuesday, November 12th. Finally, Evercore ISI upped their price target on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th.
Veris Residential Trading Down 0.1 %
Shares of NYSE:VRE opened at $17.58 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The stock’s 50-day moving average is $17.60 and its 200-day moving average is $16.62. The company has a market cap of $1.63 billion, a P/E ratio of -103.41, a P/E/G ratio of 2.91 and a beta of 1.27. Veris Residential, Inc. has a 52-week low of $13.84 and a 52-week 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 given a $0.08 dividend. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Tuesday, December 31st. Veris Residential’s payout ratio is currently -188.24%.
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.
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