JPMorgan Chase & Co. Raises Position in Veris Residential, Inc. $VRE

JPMorgan Chase & Co. boosted its holdings in Veris Residential, Inc. (NYSE:VRE) by 26.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,374,440 shares of the company’s stock after purchasing an additional 501,725 shares during the period. JPMorgan Chase & Co. owned approximately 2.54% of Veris Residential worth $36,091,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Madison International Realty Holdings LLC purchased a new position in shares of Veris Residential in the third quarter worth about $78,875,000. Woodline Partners LP purchased a new stake in Veris Residential during the 3rd quarter valued at about $22,504,000. Balyasny Asset Management L.P. grew its position in Veris Residential by 138.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock worth $15,904,000 after acquiring an additional 620,708 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Veris Residential by 466.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 578,525 shares of the company’s stock worth $8,794,000 after acquiring an additional 476,436 shares during the last quarter. Finally, Lighthouse Investment Partners LLC increased its stake in Veris Residential by 4,112.5% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 484,432 shares of the company’s stock worth $7,363,000 after purchasing an additional 472,932 shares during the period. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Price Performance

Shares of VRE stock opened at $18.89 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.68 and a current ratio of 0.68. Veris Residential, Inc. has a fifty-two week low of $13.69 and a fifty-two week high of $18.91. The firm has a market cap of $1.77 billion, a P/E ratio of 23.62, a P/E/G ratio of 3.25 and a beta of 1.21. The business’s 50 day moving average price is $16.89 and its 200-day moving average price is $15.64.

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

Veris Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders 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 annualized dividend and a yield of 1.7%. Veris Residential’s dividend payout ratio is 40.00%.

Analyst Ratings Changes

VRE has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.67.

Veris Residential Company 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.