Millennium Management LLC Increases Stake in Veris Residential, Inc. (NYSE:VRE)

Millennium Management LLC boosted its stake in Veris Residential, Inc. (NYSE:VRE) by 10.5% in the 4th quarter, Holdings Channel reports. The firm owned 2,024,921 shares of the company’s stock after acquiring an additional 192,116 shares during the quarter. Millennium Management LLC’s holdings in Veris Residential were worth $33,674,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Covestor Ltd boosted its stake in Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company’s stock worth $28,000 after purchasing an additional 1,687 shares during the period. Sterling Capital Management LLC boosted its stake in Veris Residential by 824.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company’s stock worth $42,000 after purchasing an additional 2,243 shares during the period. Lazard Asset Management LLC bought a new position in Veris Residential in the 4th quarter worth about $117,000. Cornerstone Investment Partners LLC bought a new position in Veris Residential in the 4th quarter worth about $184,000. Finally, Jump Financial LLC bought a new position in Veris Residential in the 4th quarter worth about $205,000. Institutional investors own 93.04% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Evercore ISI restated an “in-line” rating and issued a $18.00 target price (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Truist Financial cut their target price on Veris Residential from $17.00 to $16.00 and set a “hold” rating for the company in a research note on Monday, May 5th.

Veris Residential Stock Performance

Shares of VRE opened at $15.56 on Monday. The company has a market cap of $1.45 billion, a PE ratio of -91.54, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock has a 50-day moving average price of $15.86 and a 200-day moving average price of $16.43. Veris Residential, Inc. has a 12-month low of $13.84 and a 12-month high of $18.85.

Veris Residential (NYSE:VRE) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $67.76 million during the quarter, compared to the consensus estimate of $69.24 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. As a group, equities analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.06%. Veris Residential’s dividend payout ratio (DPR) is presently -100.00%.

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.