Millennium Management LLC Grows Position in Veris Residential, Inc. (NYSE:VRE)

Millennium Management LLC boosted its stake in Veris Residential, Inc. (NYSE:VRE) by 10.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,024,921 shares of the company’s stock after buying an additional 192,116 shares during the quarter. Millennium Management LLC owned approximately 2.18% of Veris Residential worth $33,674,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Covestor Ltd raised its position in Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company’s stock valued at $28,000 after buying an additional 1,687 shares during the last quarter. Sterling Capital Management LLC raised its position in Veris Residential by 824.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company’s stock valued at $42,000 after buying an additional 2,243 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Veris Residential in the 4th quarter valued at $117,000. Cornerstone Investment Partners LLC purchased a new stake in shares of Veris Residential during the 4th quarter valued at $184,000. Finally, Jump Financial LLC purchased a new stake in shares of Veris Residential during the 4th quarter valued at $205,000. 93.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on VRE shares. Evercore ISI reaffirmed 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. Truist Financial decreased their target price on Veris Residential from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Monday, May 5th.

Veris Residential Trading Up 0.3%

Shares of Veris Residential stock opened at $15.56 on Monday. Veris Residential, Inc. has a 1 year low of $13.84 and a 1 year high of $18.85. The firm has a market cap of $1.45 billion, a PE ratio of -91.54, a P/E/G ratio of 2.50 and a beta of 1.24. The stock has a fifty day moving average price of $15.86 and a 200-day moving average price of $16.43. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73.

Veris Residential (NYSE:VRE) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The company had revenue of $67.76 million during the quarter, compared to analyst estimates of $69.24 million. Equities research analysts anticipate that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.06%. The ex-dividend date was Monday, March 31st. Veris Residential’s dividend payout ratio (DPR) is currently -100.00%.

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.