HighTower Advisors LLC Purchases New Stake in Veris Residential, Inc. $VRE

HighTower Advisors LLC purchased a new position in Veris Residential, Inc. (NYSE:VRE) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 13,149 shares of the company’s stock, valued at approximately $222,000.

Other institutional investors also recently made changes to their positions in the company. Exchange Traded Concepts LLC acquired a new position in shares of Veris Residential in the first quarter worth $810,000. New York State Common Retirement Fund raised its holdings in shares of Veris Residential by 13.8% in the first quarter. New York State Common Retirement Fund now owns 24,786 shares of the company’s stock worth $419,000 after acquiring an additional 3,000 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Veris Residential by 1,629.2% in the first quarter. GAMMA Investing LLC now owns 22,808 shares of the company’s stock worth $386,000 after acquiring an additional 21,489 shares during the last quarter. Man Group plc acquired a new position in shares of Veris Residential in the fourth quarter worth $851,000. Finally, Cerity Partners LLC raised its holdings in shares of Veris Residential by 110.4% in the first quarter. Cerity Partners LLC now owns 21,403 shares of the company’s stock worth $362,000 after acquiring an additional 11,231 shares during the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.

Veris Residential Price Performance

VRE stock opened at $15.72 on Thursday. The stock has a 50-day moving average price of $14.61 and a two-hundred day moving average price of $15.32. Veris Residential, Inc. has a 12-month low of $13.69 and a 12-month high of $18.85. 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 company has a market cap of $1.47 billion, a PE ratio of -68.36, a price-to-earnings-growth ratio of 2.69 and a beta of 1.34.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. Veris Residential had a negative return on equity of 1.89% and a negative net margin of 7.84%.The firm had revenue of $75.93 million during the quarter, compared to the consensus estimate of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. As a group, research 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 will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.0%. Veris Residential’s dividend payout ratio is presently -139.13%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Evercore ISI boosted their price target on Veris Residential from $17.50 to $18.00 and gave the stock an “in-line” rating in a report on Friday, July 25th. BTIG Research dropped their target price on Veris Residential from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, July 23rd. Finally, Wall Street Zen upgraded Veris Residential from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $19.20.

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.