Intech Investment Management LLC Invests $218,000 in Veris Residential, Inc. (NYSE:VRE)

Intech Investment Management LLC bought a new position in shares of Veris Residential, Inc. (NYSE:VRE) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 14,549 shares of the company’s stock, valued at approximately $218,000.

A number of other institutional investors also recently modified their holdings of VRE. Norges Bank purchased a new stake in shares of Veris Residential during the fourth quarter worth about $8,154,000. Nomura Asset Management Co. Ltd. lifted its holdings in Veris Residential by 1.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 91,500 shares of the company’s stock worth $1,439,000 after buying an additional 1,700 shares during the period. Verition Fund Management LLC lifted its holdings in Veris Residential by 18.9% in the fourth quarter. Verition Fund Management LLC now owns 395,704 shares of the company’s stock worth $6,224,000 after buying an additional 62,804 shares during the period. Nomura Holdings Inc. purchased a new stake in Veris Residential in the fourth quarter worth about $2,956,000. Finally, Hazelview Securities Inc. purchased a new stake in Veris Residential in the first quarter worth about $2,678,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on VRE shares. Truist Financial lowered their price objective on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a report on Monday, June 24th. Evercore ISI raised their price objective on shares of Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th.

Veris Residential Price Performance

VRE stock opened at $17.58 on Friday. The firm has a 50 day moving average price of $16.80 and a 200-day moving average price of $15.60. Veris Residential, Inc. has a 52-week low of $13.06 and a 52-week high of $18.18. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -17.58, a PEG ratio of 6.73 and a beta of 1.25. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.84 and a current ratio of 0.84.

Veris Residential (NYSE:VRE) last released its earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11). Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. The business had revenue of $67.48 million for the quarter, compared to analysts’ expectations of $67.73 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. Equities research analysts forecast that Veris Residential, Inc. will post 0.55 EPS for the current fiscal year.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be given a dividend of $0.07 per share. The ex-dividend date is Monday, September 30th. This represents a $0.28 annualized dividend and a dividend yield of 1.59%. This is an increase from Veris Residential’s previous quarterly dividend of $0.06. Veris Residential’s dividend payout ratio (DPR) is -24.00%.

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.