Prudential Financial Inc. Sells 1,428,008 Shares of Veris Residential, Inc. (NYSE:VRE)

Prudential Financial Inc. reduced its position in Veris Residential, Inc. (NYSE:VRE) by 23.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,752,218 shares of the company’s stock after selling 1,428,008 shares during the period. Prudential Financial Inc. owned approximately 5.12% of Veris Residential worth $79,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of VRE. Vanguard Group Inc. lifted its holdings in Veris Residential by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company’s stock valued at $211,157,000 after acquiring an additional 331,354 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Veris Residential by 11.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,102,857 shares of the company’s stock worth $37,557,000 after purchasing an additional 219,901 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Veris Residential by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock worth $35,743,000 after buying an additional 21,133 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Veris Residential by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,483,318 shares of the company’s stock valued at $24,668,000 after buying an additional 12,782 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Veris Residential by 1.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,217,649 shares of the company’s stock valued at $20,250,000 after buying an additional 17,179 shares during the last quarter. Institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Performance

Shares of NYSE VRE opened at $16.65 on Tuesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. Veris Residential, Inc. has a 1 year low of $13.84 and a 1 year high of $18.85. The firm has a fifty day moving average price of $16.12 and a 200-day moving average price of $16.91. The stock has a market cap of $1.55 billion, a PE ratio of -97.93, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24.

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

Veris Residential Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.92%. Veris Residential’s dividend payout ratio is presently -133.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on VRE shares. Truist Financial boosted their price objective on shares of Veris Residential from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Monday, March 10th. Evercore ISI reissued an “in-line” rating and set a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $14.00 to $17.00 in a research note on Tuesday, December 17th.

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.