Veris Residential, Inc. (NYSE:VRE) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board reduced its stake in shares of Veris Residential, Inc. (NYSE:VRE) by 3.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 171,357 shares of the company’s stock after selling 5,800 shares during the quarter. Public Sector Pension Investment Board’s holdings in Veris Residential were worth $3,060,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Lighthouse Investment Partners LLC purchased a new stake in shares of Veris Residential during the 2nd quarter worth approximately $2,175,000. Tidal Investments LLC grew its position in shares of Veris Residential by 268.8% in the first quarter. Tidal Investments LLC now owns 50,959 shares of the company’s stock valued at $775,000 after purchasing an additional 37,141 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Veris Residential by 387.4% during the 2nd quarter. Renaissance Technologies LLC now owns 84,800 shares of the company’s stock worth $1,272,000 after purchasing an additional 67,400 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Veris Residential by 5.8% during the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after purchasing an additional 663 shares during the last quarter. Finally, DigitalBridge Group Inc. purchased a new stake in Veris Residential in the 2nd quarter valued at approximately $13,673,000. 93.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Monday, September 16th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price target for the company from $20.00 to $23.00 in a report on Tuesday, November 12th. Finally, Evercore ISI increased their target price on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th.

Veris Residential Trading Down 1.3 %

Shares of VRE stock opened at $17.80 on Wednesday. Veris Residential, Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $18.85. The firm’s 50 day moving average price is $17.62 and its two-hundred day moving average price is $16.53. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -104.70, a price-to-earnings-growth ratio of 2.99 and a beta of 1.27. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is a positive change from Veris Residential’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 1.80%. Veris Residential’s payout ratio is presently -164.70%.

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.