Veris Residential, Inc. (NYSE:VRE) Stake Cut by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Veris Residential, Inc. (NYSE:VRE) by 3.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 645,162 shares of the company’s stock after selling 25,358 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.69% of Veris Residential worth $10,916,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of VRE. Exchange Traded Concepts LLC purchased a new stake in shares of Veris Residential in the first quarter worth approximately $810,000. Raymond James Financial Inc. acquired a new position in Veris Residential in the 4th quarter valued at approximately $1,737,000. GAMMA Investing LLC lifted its position in Veris Residential by 1,629.2% in the 1st quarter. GAMMA Investing LLC now owns 22,808 shares of the company’s stock worth $386,000 after buying an additional 21,489 shares in the last quarter. Man Group plc acquired a new stake in shares of Veris Residential during the 4th quarter valued at $851,000. Finally, Point72 Asset Management L.P. boosted its stake in shares of Veris Residential by 161.9% during the 4th quarter. Point72 Asset Management L.P. now owns 38,500 shares of the company’s stock valued at $640,000 after buying an additional 23,800 shares during the period. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Performance

Shares of VRE opened at $14.33 on Monday. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -44.78, a price-to-earnings-growth ratio of 1.59 and a beta of 1.21. The company’s fifty day moving average is $14.95 and its 200-day moving average is $15.62. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.38. Veris Residential, Inc. has a 12 month low of $14.12 and a 12 month high of $18.85.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, April 23rd. The company reported $0.16 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $69.24 million. 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 was paid on Thursday, July 10th. Shareholders of record on Monday, June 30th were given a dividend of $0.08 per share. The ex-dividend date was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 2.23%. Veris Residential’s payout ratio is currently -100.00%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Truist Financial cut their price objective on Veris Residential from $17.00 to $16.00 and set a “hold” rating for the company in a report on Monday, May 5th. Wall Street Zen downgraded Veris Residential from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Veris Residential has an average rating of “Hold” and a consensus price target 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.