Sumitomo Mitsui Trust Group Inc. Sells 1,159 Shares of Veris Residential, Inc. (NYSE:VRE)

Sumitomo Mitsui Trust Group Inc. lowered its position in Veris Residential, Inc. (NYSE:VRE) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 89,326 shares of the company’s stock after selling 1,159 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Veris Residential were worth $1,595,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in VRE. Van ECK Associates Corp grew its holdings in Veris Residential by 5.8% during the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock valued at $180,000 after buying an additional 663 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Veris Residential by 35.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock valued at $51,000 after purchasing an additional 755 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in Veris Residential by 2.0% in the second quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock valued at $608,000 after purchasing an additional 800 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Veris Residential by 7.4% during the first quarter. ProShare Advisors LLC now owns 15,978 shares of the company’s stock valued at $243,000 after buying an additional 1,096 shares during the period. Finally, abrdn plc increased its stake in shares of Veris Residential by 10.5% during the third quarter. abrdn plc now owns 15,671 shares of the company’s stock valued at $280,000 after buying an additional 1,495 shares during the period. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Up 0.7 %

Shares of VRE opened at $18.30 on Wednesday. The business’s 50 day moving average is $17.54 and its 200 day moving average is $16.31. The company has a market capitalization of $1.70 billion, a PE ratio of -107.65, a price-to-earnings-growth ratio of 3.01 and a beta of 1.26. Veris Residential, Inc. has a 12-month low of $13.28 and a 12-month high of $18.85. The company has a current ratio of 0.73, a quick 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 $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.75%. Veris Residential’s dividend payout ratio (DPR) is -188.24%.

Analyst Upgrades and Downgrades

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

Veris Residential Company 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.