Cornerstone Investment Partners LLC Acquires Shares of 11,040 Veris Residential, Inc. (NYSE:VRE)

Cornerstone Investment Partners LLC acquired a new position in shares of Veris Residential, Inc. (NYSE:VRE) during the fourth quarter, Holdings Channel reports. The fund acquired 11,040 shares of the company’s stock, valued at approximately $184,000.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Veris Residential by 35.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after purchasing an additional 755 shares during the last quarter. Natixis Advisors LLC bought a new position in shares of Veris Residential during the 3rd quarter worth approximately $203,000. Van ECK Associates Corp lifted its position in shares of Veris Residential by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 13,492 shares of the company’s stock worth $235,000 after buying an additional 1,481 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Veris Residential in the 3rd quarter worth approximately $263,000. Finally, abrdn plc grew its holdings in shares of Veris Residential by 10.5% in the third quarter. abrdn plc now owns 15,671 shares of the company’s stock valued at $280,000 after acquiring an additional 1,495 shares in the last quarter. Institutional investors own 93.04% of the company’s stock.

Veris Residential Price Performance

Veris Residential stock opened at $16.78 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The business’s 50 day simple moving average is $16.07 and its 200 day simple moving average is $16.98. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -98.67, a PEG ratio of 2.50 and a beta of 1.27.

Veris Residential (NYSE:VRE) last issued its quarterly earnings results on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The firm had revenue of $68.08 million for the quarter, compared to analysts’ expectations of $66.98 million. Sell-side analysts forecast that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.91%. Veris Residential’s dividend payout ratio is presently -133.33%.

Analyst Ratings Changes

A number of analysts recently commented on VRE shares. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $14.00 to $17.00 in a report on Tuesday, December 17th. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $23.00 in a research note on Tuesday, November 12th. Finally, Evercore ISI restated an “in-line” rating and set a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th.

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.