Daiwa Securities Group Inc. Decreases Holdings in Veris Residential, Inc. (NYSE:VRE)

Daiwa Securities Group Inc. decreased its stake in Veris Residential, Inc. (NYSE:VRE) by 21.7% during the 4th quarter, Holdings Channel reports. The firm owned 423,303 shares of the company’s stock after selling 117,350 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Veris Residential were worth $7,040,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Van ECK Associates Corp lifted its stake in Veris Residential by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 13,492 shares of the company’s stock valued at $235,000 after buying an additional 1,481 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Veris Residential in the third quarter valued at approximately $445,000. Victory Capital Management Inc. boosted its stake in shares of Veris Residential by 0.5% in the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock worth $21,440,000 after acquiring an additional 6,421 shares during the last quarter. Natixis Advisors LLC purchased a new stake in shares of Veris Residential during the third quarter worth approximately $203,000. Finally, Quest Partners LLC raised its stake in Veris Residential by 302.8% in the 3rd quarter. Quest Partners LLC now owns 60,842 shares of the company’s stock valued at $1,087,000 after purchasing an additional 45,737 shares during the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on VRE. Evercore ISI reaffirmed an “in-line” rating and set a $18.00 target price (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th. JPMorgan Chase & Co. upgraded shares of Veris Residential from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Finally, Truist Financial boosted their target price on Veris Residential from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Monday.

Veris Residential Trading Down 1.4 %

Shares of VRE opened at $16.21 on Wednesday. Veris Residential, Inc. has a 12-month low of $13.84 and a 12-month high of $18.85. The firm has a market capitalization of $1.51 billion, a P/E ratio of -95.32, a P/E/G ratio of 2.50 and a beta of 1.24. The firm has a 50-day moving average price of $16.07 and a 200 day moving average price of $16.98. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34.

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

Veris Residential Dividend Announcement

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 $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.97%. Veris Residential’s dividend payout ratio is currently -133.33%.

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.