Veris Residential, Inc. $VRE Shares Acquired by Citigroup Inc.

Citigroup Inc. lifted its stake in Veris Residential, Inc. (NYSE:VRE) by 24.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 142,473 shares of the company’s stock after buying an additional 28,236 shares during the quarter. Citigroup Inc. owned approximately 0.15% of Veris Residential worth $2,166,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Covestor Ltd grew its holdings in shares of Veris Residential by 29.0% during the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after buying an additional 736 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Veris Residential by 3.6% in the third quarter. Amalgamated Bank now owns 23,892 shares of the company’s stock worth $363,000 after buying an additional 827 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in Veris Residential by 1.9% during the third quarter. Exchange Traded Concepts LLC now owns 49,743 shares of the company’s stock worth $756,000 after acquiring an additional 910 shares during the last quarter. Vert Asset Management LLC boosted its position in Veris Residential by 2.9% during the third quarter. Vert Asset Management LLC now owns 37,318 shares of the company’s stock worth $567,000 after acquiring an additional 1,062 shares during the last quarter. Finally, Caxton Associates LLP grew its stake in Veris Residential by 5.5% during the 2nd quarter. Caxton Associates LLP now owns 26,507 shares of the company’s stock valued at $395,000 after acquiring an additional 1,383 shares in the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.

Veris Residential Price Performance

Shares of VRE stock opened at $18.87 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $1.76 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 3.32 and a beta of 1.21. The firm’s 50-day moving average is $16.11 and its two-hundred day moving average is $15.38. Veris Residential, Inc. has a 12 month low of $13.69 and a 12 month high of $18.89.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Monday, February 23rd. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.03. The business had revenue of $71.31 million during the quarter, compared to analysts’ expectations of $70.85 million. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. Analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be issued a $0.08 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. Veris Residential’s dividend payout ratio is currently 40.00%.

Analysts Set New Price Targets

A number of analysts have commented on VRE shares. Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $18.67.

Veris Residential Profile

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.