Northern Trust Corp Purchases 13,820 Shares of Veris Residential, Inc. $VRE

Northern Trust Corp boosted its position in Veris Residential, Inc. (NYSE:VRE) by 0.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,538,788 shares of the company’s stock after purchasing an additional 13,820 shares during the period. Northern Trust Corp owned about 1.65% of Veris Residential worth $26,036,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Veris Residential during the 1st quarter valued at approximately $34,817,000. Woodline Partners LP grew its position in shares of Veris Residential by 62.1% during the 4th quarter. Woodline Partners LP now owns 922,515 shares of the company’s stock valued at $15,341,000 after acquiring an additional 353,540 shares during the period. Millennium Management LLC grew its position in shares of Veris Residential by 10.5% during the 4th quarter. Millennium Management LLC now owns 2,024,921 shares of the company’s stock valued at $33,674,000 after acquiring an additional 192,116 shares during the period. Two Sigma Advisers LP grew its position in shares of Veris Residential by 92.3% during the 4th quarter. Two Sigma Advisers LP now owns 342,500 shares of the company’s stock valued at $5,696,000 after acquiring an additional 164,400 shares during the period. Finally, Cubist Systematic Strategies LLC grew its position in shares of Veris Residential by 78.7% during the 4th quarter. Cubist Systematic Strategies LLC now owns 233,057 shares of the company’s stock valued at $3,876,000 after acquiring an additional 102,625 shares during the period. 93.04% of the stock is owned by institutional investors.

Veris Residential Stock Performance

Shares of VRE stock opened at $15.73 on Friday. The stock has a market capitalization of $1.47 billion, a P/E ratio of -68.37, a PEG ratio of 2.69 and a beta of 1.24. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.47. The firm’s 50 day moving average is $14.57 and its 200 day moving average is $15.32. Veris Residential, Inc. has a 12 month low of $13.69 and a 12 month high of $18.85.

Veris Residential (NYSE:VRE) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. The company had revenue of $75.93 million for the quarter, compared to analysts’ expectations of $69.06 million. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. On average, sell-side analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 2.0%. Veris Residential’s dividend payout ratio is currently -139.13%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on VRE. Evercore ISI increased their target price on shares of Veris Residential from $17.50 to $18.00 and gave the company an “in-line” rating in a research report on Friday, July 25th. BTIG Research reduced their target price on shares of Veris Residential from $26.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen raised shares of Veris Residential from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Finally, Truist Financial reduced their target price on shares of Veris Residential from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $19.20.

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.