First Citizens Bank & Trust Co. Purchases 25,746 Shares of Veris Residential, Inc. $VRE

First Citizens Bank & Trust Co. grew its stake in Veris Residential, Inc. (NYSE:VRE) by 204.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,333 shares of the company’s stock after purchasing an additional 25,746 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Veris Residential were worth $571,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. raised its holdings in Veris Residential by 229.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 36,948 shares of the company’s stock worth $550,000 after purchasing an additional 25,746 shares in the last quarter. CWM LLC raised its holdings in Veris Residential by 925.9% in the 2nd quarter. CWM LLC now owns 7,017 shares of the company’s stock worth $104,000 after purchasing an additional 6,333 shares in the last quarter. Inspire Investing LLC raised its holdings in Veris Residential by 29.8% in the 2nd quarter. Inspire Investing LLC now owns 26,399 shares of the company’s stock worth $393,000 after purchasing an additional 6,053 shares in the last quarter. Aberdeen Group plc raised its holdings in Veris Residential by 13.0% in the 2nd quarter. Aberdeen Group plc now owns 23,972 shares of the company’s stock worth $357,000 after purchasing an additional 2,763 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in Veris Residential by 5.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 86,550 shares of the company’s stock worth $1,287,000 after purchasing an additional 4,112 shares in the last quarter. 93.04% of the stock is currently owned by institutional investors.

Veris Residential Stock Performance

Shares of NYSE VRE opened at $15.05 on Friday. The firm’s 50-day moving average price is $15.15 and its 200-day moving average price is $15.03. The company has a quick ratio of 0.61, a current ratio of 0.53 and a debt-to-equity ratio of 1.13. The company has a market cap of $1.41 billion, a PE ratio of 22.47, a PEG ratio of 2.44 and a beta of 1.35. Veris Residential, Inc. has a 52-week low of $13.69 and a 52-week high of $18.85.

Veris Residential (NYSE:VRE) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.05. The company had revenue of $73.44 million for the quarter, compared to the consensus estimate of $73.74 million. Veris Residential had a net margin of 22.09% and a return on equity of 4.72%. Veris Residential has set its FY 2025 guidance at 0.670-0.680 EPS. As a group, analysts anticipate that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.1%. Veris Residential’s dividend payout ratio (DPR) is presently 47.76%.

Analyst Upgrades and Downgrades

VRE has been the subject of several research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Veris Residential in a report on Wednesday, October 8th. Wall Street Zen raised shares of Veris Residential from a “hold” rating to a “buy” rating in a report on Saturday. BTIG Research dropped their price target on shares of Veris Residential from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, July 23rd. Finally, Evercore ISI raised their price target on shares of Veris Residential from $17.50 to $18.00 and gave the company an “in-line” rating in a report on Friday, July 25th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Veris Residential presently has a consensus 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.