Illinois Municipal Retirement Fund Acquires 2,791 Shares of Veris Residential, Inc. (NYSE:VRE)

Illinois Municipal Retirement Fund boosted its holdings in Veris Residential, Inc. (NYSE:VRE) by 6.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,888 shares of the company’s stock after purchasing an additional 2,791 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Veris Residential were worth $746,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VRE. Adelante Capital Management LLC bought a new position in Veris Residential in the 3rd quarter worth approximately $11,001,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Veris Residential by 491.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock valued at $11,013,000 after acquiring an additional 512,406 shares during the last quarter. Brookfield Corp ON bought a new position in shares of Veris Residential during the 3rd quarter valued at approximately $4,561,000. FMR LLC boosted its position in shares of Veris Residential by 5,945.2% during 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. Finally, JPMorgan Chase & Co. boosted its position in shares of Veris Residential by 11.7% during 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. 93.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th. Evercore ISI reiterated an “in-line” rating and set a $18.00 target price (down from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and increased their target price for the company from $14.00 to $17.00 in a research report on Tuesday, December 17th.

Veris Residential Stock Up 0.6 %

Shares of VRE opened at $17.04 on Tuesday. The company has a market cap 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 business has a fifty day moving average of $16.07 and a 200 day moving average of $16.98. Veris Residential, Inc. has a 52-week low of $13.84 and a 52-week high of $18.85. 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 (NYSE:VRE) last issued its quarterly earnings results on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The company 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%. On average, sell-side analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given 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%.

Veris Residential 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.