Point72 Asset Management L.P. Makes New $263,000 Investment in Veris Residential, Inc. (NYSE:VRE)

Point72 Asset Management L.P. purchased a new stake in shares of Veris Residential, Inc. (NYSE:VRE) 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.