Cbre Investment Management Listed Real Assets LLC Acquires 332,381 Shares of Veris Residential, Inc. (NYSE:VRE)

Cbre Investment Management Listed Real Assets LLC grew its position in Veris Residential, Inc. (NYSE:VRE) by 51.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 975,262 shares of the company’s stock after acquiring an additional 332,381 shares during the period. Cbre Investment Management Listed Real Assets LLC owned 1.05% of Veris Residential worth $16,219,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in shares of Veris Residential by 1.1% in the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Veris Residential by 3.5% in the 3rd 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 during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Veris Residential by 11.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,102,857 shares of the company’s stock valued at $37,557,000 after acquiring an additional 219,901 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Veris Residential by 5.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 122,034 shares of the company’s stock valued at $2,009,000 after acquiring an additional 6,287 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Veris Residential by 5,945.2% in the 3rd quarter. FMR LLC now owns 224,278 shares of the company’s stock valued at $4,006,000 after acquiring an additional 220,568 shares during the last quarter. 93.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on VRE shares. 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. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Finally, Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and increased their price objective for the company from $20.00 to $23.00 in a report on Tuesday, November 12th.

Veris Residential Stock Performance

Shares of Veris Residential stock opened at $16.78 on Wednesday. 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 business has a 50-day moving average price of $16.07 and a two-hundred day moving average price of $16.98. The company has a market cap of $1.56 billion, a P/E ratio of -98.67, a PEG ratio of 2.50 and a beta of 1.27. Veris Residential, Inc. has a 1-year low of $13.84 and a 1-year high of $18.85.

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

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 1.91%. 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.