Illinois Municipal Retirement Fund Grows Holdings in Veris Residential, Inc. (NYSE:VRE)

Illinois Municipal Retirement Fund grew its holdings in Veris Residential, Inc. (NYSE:VRE) by 6.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,888 shares of the company’s stock after purchasing an additional 2,791 shares during the period. Illinois Municipal Retirement Fund’s holdings in Veris Residential were worth $746,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in Veris Residential by 11.7% in the third quarter. JPMorgan Chase & Co. now owns 2,102,857 shares of the company’s stock worth $37,557,000 after purchasing an additional 219,901 shares during the period. Geode Capital Management LLC raised its holdings in shares of Veris Residential by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock valued at $35,743,000 after acquiring an additional 21,133 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Veris Residential by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock valued at $26,264,000 after acquiring an additional 49,378 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Veris Residential by 0.5% in the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock valued at $21,440,000 after acquiring an additional 6,421 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Veris Residential by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 670,520 shares of the company’s stock valued at $11,151,000 after acquiring an additional 15,653 shares in the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VRE. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $23.00 in a report on Tuesday, November 12th. Evercore ISI restated an “in-line” rating and issued a $18.00 price objective (down from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $14.00 to $17.00 in a report on Tuesday, December 17th.

Veris Residential Stock Performance

Shares of Veris Residential stock opened at $17.04 on Tuesday. The company has a market capitalization of $1.58 billion, a PE ratio of -100.20, a P/E/G ratio of 2.50 and a beta of 1.27. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The company has a 50-day simple moving average of $16.07 and a two-hundred day simple moving average of $16.98. Veris Residential, Inc. has a one year low of $13.84 and a one year high of $18.85.

Veris Residential (NYSE:VRE) last announced its earnings results on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The firm had revenue of $68.08 million during the quarter, compared to the consensus estimate of $66.98 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. Research analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.88%. Veris Residential’s dividend payout ratio is presently -133.33%.

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.