Geode Capital Management LLC Buys 21,133 Shares of Veris Residential, Inc. (NYSE:VRE)

Geode Capital Management LLC raised its stake in Veris Residential, Inc. (NYSE:VRE) by 1.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 2,000,918 shares of the company’s stock after acquiring an additional 21,133 shares during the quarter. Geode Capital Management LLC’s holdings in Veris Residential were worth $35,743,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Veris Residential by 35.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after purchasing an additional 755 shares in the last quarter. Quarry LP bought a new position in shares of Veris Residential in the second quarter valued at $48,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Veris Residential during the second quarter valued at about $48,000. Natixis Advisors LLC bought a new stake in shares of Veris Residential during the third quarter worth about $203,000. Finally, Van ECK Associates Corp raised its holdings in shares of Veris Residential by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after acquiring an additional 663 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Trading Up 0.7 %

Shares of VRE stock opened at $16.64 on Thursday. Veris Residential, Inc. has a 52-week low of $13.84 and a 52-week high of $18.85. The company has a 50-day simple moving average of $17.51 and a two-hundred day simple moving average of $16.73. 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 market capitalization of $1.55 billion, a price-to-earnings ratio of -97.88, a PEG ratio of 2.91 and a beta of 1.27.

Veris Residential Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is a positive change from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a dividend yield of 1.92%. Veris Residential’s dividend payout ratio is currently -188.24%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on VRE. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th. Evercore ISI lifted their target price on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Finally, Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and increased their price target for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th.

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.