Geode Capital Management LLC Decreases Stake in Veris Residential, Inc. (NYSE:VRE)

Geode Capital Management LLC lessened its stake in Veris Residential, Inc. (NYSE:VRE) by 0.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,984,942 shares of the company’s stock after selling 15,976 shares during the quarter. Geode Capital Management LLC owned 2.14% of Veris Residential worth $33,017,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cornerstone Investment Partners LLC purchased a new position in Veris Residential during the 4th quarter valued at about $184,000. Van ECK Associates Corp boosted its stake in shares of Veris Residential by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock valued at $247,000 after acquiring an additional 1,378 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Veris Residential during the 4th quarter worth about $274,000. Tidal Investments LLC acquired a new position in Veris Residential in the 3rd quarter valued at about $397,000. Finally, Arizona State Retirement System lifted its holdings in Veris Residential by 13.6% in the 4th quarter. Arizona State Retirement System now owns 24,263 shares of the company’s stock valued at $403,000 after purchasing an additional 2,897 shares in the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Trading Up 0.4 %

Shares of VRE opened at $15.30 on Thursday. Veris Residential, Inc. has a twelve month low of $13.84 and a twelve month high of $18.85. The firm has a market capitalization of $1.42 billion, a P/E ratio of -89.99, a price-to-earnings-growth ratio of 2.50 and a beta of 1.17. 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 stock’s fifty day simple moving average is $16.09 and its 200 day simple moving average is $16.69.

Veris Residential (NYSE:VRE) last posted its 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 for the quarter, compared to analyst estimates of $66.98 million. On average, equities research analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 2.09%. Veris Residential’s dividend payout ratio (DPR) is -133.33%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on VRE shares. Evercore ISI reissued an “in-line” rating and set a $18.00 price objective (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. 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 report on Monday, March 10th.

Veris Residential Profile

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.