Principal Financial Group Inc. Grows Stock Holdings in Veris Residential, Inc. (NYSE:VRE)

Principal Financial Group Inc. lifted its position in shares of Veris Residential, Inc. (NYSE:VRE) by 2.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 402,124 shares of the company’s stock after buying an additional 10,293 shares during the quarter. Principal Financial Group Inc. owned approximately 0.43% of Veris Residential worth $6,804,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in Veris Residential by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,483,318 shares of the company’s stock worth $24,668,000 after purchasing an additional 12,782 shares in the last quarter. Raymond James Financial Inc. bought a new position in Veris Residential during the 4th quarter valued at about $1,737,000. Amundi boosted its position in Veris Residential by 43.3% in the 4th quarter. Amundi now owns 81,250 shares of the company’s stock valued at $1,272,000 after buying an additional 24,570 shares during the period. Swiss National Bank boosted its position in Veris Residential by 13.3% in the 4th quarter. Swiss National Bank now owns 164,400 shares of the company’s stock valued at $2,734,000 after buying an additional 19,300 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Veris Residential by 37.3% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,643 shares of the company’s stock valued at $709,000 after buying an additional 11,588 shares during the period. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Down 1.8%

Shares of NYSE:VRE opened at $14.53 on Wednesday. The stock has a market cap of $1.36 billion, a P/E ratio of -45.41, a P/E/G ratio of 1.64 and a beta of 1.21. The firm has a fifty day moving average price of $15.02 and a 200 day moving average price of $15.67. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.56 and a quick ratio of 0.56. Veris Residential, Inc. has a 1-year low of $14.12 and a 1-year high of $18.85.

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

Veris Residential Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Monday, June 30th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Monday, June 30th. Veris Residential’s payout ratio is currently -100.00%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on VRE. Truist Financial dropped their price objective 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. Wall Street Zen downgraded shares of Veris Residential from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. 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 stock. According to data from MarketBeat.com, Veris Residential currently has a consensus rating of “Hold” and a consensus price target of $18.50.

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.