Envestnet Portfolio Solutions Inc. Grows Stock Position in Veris Residential, Inc. $VRE

Envestnet Portfolio Solutions Inc. boosted its stake in Veris Residential, Inc. (NYSE:VRE) by 229.8% in the second quarter, Holdings Channel reports. The fund owned 36,948 shares of the company’s stock after buying an additional 25,746 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Veris Residential were worth $550,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. CWM LLC raised its position in shares of Veris Residential by 925.9% in the 2nd quarter. CWM LLC now owns 7,017 shares of the company’s stock valued at $104,000 after purchasing an additional 6,333 shares in the last quarter. Inspire Investing LLC raised its position in shares of Veris Residential by 29.8% in the 2nd quarter. Inspire Investing LLC now owns 26,399 shares of the company’s stock valued at $393,000 after purchasing an additional 6,053 shares in the last quarter. Aberdeen Group plc raised its position in shares of Veris Residential by 13.0% in the 2nd quarter. Aberdeen Group plc now owns 23,972 shares of the company’s stock valued at $357,000 after purchasing an additional 2,763 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Veris Residential by 5.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 86,550 shares of the company’s stock valued at $1,287,000 after purchasing an additional 4,112 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of Veris Residential by 1.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 116,661 shares of the company’s stock valued at $1,737,000 after purchasing an additional 2,079 shares in the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Price Performance

Shares of NYSE VRE opened at $14.61 on Wednesday. Veris Residential, Inc. has a 1-year low of $13.69 and a 1-year high of $18.85. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.61 and a quick ratio of 0.61. The business’s fifty day moving average price is $15.10 and its two-hundred day moving average price is $15.03. The firm has a market capitalization of $1.36 billion, a PE ratio of -63.50, a P/E/G ratio of 2.51 and a beta of 1.35.

Veris Residential (NYSE:VRE) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. The business had revenue of $75.93 million for the quarter, compared to analysts’ expectations of $69.06 million. On average, research analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Tuesday, September 30th. Veris Residential’s payout ratio is currently -139.13%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research report on Wednesday, October 8th. Wall Street Zen raised Veris Residential from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. BTIG Research reduced their price objective on Veris Residential from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, July 23rd. Finally, Evercore ISI raised their price objective on Veris Residential from $17.50 to $18.00 and gave the stock an “in-line” rating in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Veris Residential currently has an average rating of “Hold” and a consensus price target of $19.20.

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.