Quantbot Technologies LP Invests $595,000 in Veris Residential, Inc. (NYSE:VRE)

Quantbot Technologies LP bought a new stake in Veris Residential, Inc. (NYSE:VRE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 35,749 shares of the company’s stock, valued at approximately $595,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VRE. Natixis Advisors LLC acquired a new position in shares of Veris Residential in the third quarter valued at about $203,000. Intech Investment Management LLC increased its holdings in Veris Residential by 60.7% in the 3rd quarter. Intech Investment Management LLC now owns 23,386 shares of the company’s stock worth $418,000 after buying an additional 8,837 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Veris Residential by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock worth $26,264,000 after buying an additional 49,378 shares during the period. FMR LLC raised its position in Veris Residential by 5,945.2% during the 3rd quarter. FMR LLC now owns 224,278 shares of the company’s stock worth $4,006,000 after buying an additional 220,568 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Veris Residential by 491.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock valued at $11,013,000 after acquiring an additional 512,406 shares during the period. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Wall Street Analyst Weigh In

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

Veris Residential Stock Performance

NYSE VRE opened at $16.70 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The stock’s 50 day simple moving average is $16.16 and its 200-day simple moving average is $16.90. The company has a market cap of $1.55 billion, a PE ratio of -98.23, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85.

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

Veris Residential Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders 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 dividend yield of 1.92%. Veris Residential’s dividend payout ratio (DPR) is presently -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.