Exchange Traded Concepts LLC Takes Position in Veris Residential, Inc. (NYSE:VRE)

Exchange Traded Concepts LLC bought a new stake in Veris Residential, Inc. (NYSE:VRE) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 47,897 shares of the company’s stock, valued at approximately $810,000. Exchange Traded Concepts LLC owned 0.05% of Veris Residential at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GF Fund Management CO. LTD. purchased a new position in shares of Veris Residential in the 4th quarter valued at $25,000. Covestor Ltd raised its stake in shares of Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company’s stock valued at $28,000 after acquiring an additional 1,687 shares during the period. Sterling Capital Management LLC raised its stake in shares of Veris Residential by 824.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company’s stock valued at $42,000 after acquiring an additional 2,243 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Veris Residential in the 4th quarter valued at $45,000. Finally, State of Wyoming purchased a new position in shares of Veris Residential in the 4th quarter valued at $52,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Price Performance

VRE opened at $15.02 on Friday. The company has a 50-day moving average of $15.34 and a 200-day moving average of $15.96. The company has a market capitalization of $1.40 billion, a P/E ratio of -46.92, a PEG ratio of 1.67 and a beta of 1.23. Veris Residential, Inc. has a 1-year low of $14.12 and a 1-year high of $18.85. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.56 and a current ratio of 0.56.

Veris Residential (NYSE:VRE) last released its earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. The company had revenue of $67.76 million during the quarter, compared to the consensus estimate of $69.24 million. Veris Residential had a negative net margin of 11.02% and a negative return on equity of 2.62%. Equities analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Monday, June 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, June 30th. Veris Residential’s payout ratio is currently -100.00%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on VRE shares. Truist Financial dropped their price target on shares of Veris Residential from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Evercore ISI reaffirmed an “in-line” rating and set a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Finally, Wall Street Zen downgraded shares of Veris Residential from a “hold” rating to a “sell” rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.50.

Veris Residential Company 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.