First Citizens Bank & Trust Co. Purchases 25,746 Shares of Veris Residential, Inc. $VRE

First Citizens Bank & Trust Co. boosted its position in shares of Veris Residential, Inc. (NYSE:VRE) by 204.5% during the second quarter, Holdings Channel.com reports. The fund owned 38,333 shares of the company’s stock after acquiring an additional 25,746 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Veris Residential were worth $571,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VRE. Envestnet Portfolio Solutions Inc. bought a new stake in Veris Residential during the 1st quarter worth approximately $190,000. Teacher Retirement System of Texas bought a new stake in shares of Veris Residential during the first quarter valued at approximately $207,000. Principal Financial Group Inc. raised its position in shares of Veris Residential by 2.6% during the first quarter. Principal Financial Group Inc. now owns 402,124 shares of the company’s stock valued at $6,804,000 after buying an additional 10,293 shares during the last quarter. Cerity Partners LLC raised its position in shares of Veris Residential by 110.4% during the first quarter. Cerity Partners LLC now owns 21,403 shares of the company’s stock valued at $362,000 after buying an additional 11,231 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Veris Residential by 13.8% during the first quarter. New York State Common Retirement Fund now owns 24,786 shares of the company’s stock valued at $419,000 after buying an additional 3,000 shares during the last quarter. Institutional investors own 93.04% of the company’s stock.

Veris Residential Trading Up 0.4%

VRE stock opened at $15.05 on Friday. The firm has a fifty day moving average price of $15.15 and a 200 day moving average price of $15.03. Veris Residential, Inc. has a fifty-two week low of $13.69 and a fifty-two week high of $18.85. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.61 and a current ratio of 0.53. The firm has a market cap of $1.41 billion, a PE ratio of 22.47, a price-to-earnings-growth ratio of 2.44 and a beta of 1.35.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, October 22nd. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.05. Veris Residential had a net margin of 22.09% and a return on equity of 4.72%. The firm had revenue of $73.44 million during the quarter, compared to analyst estimates of $73.74 million. Veris Residential has set its FY 2025 guidance at 0.670-0.680 EPS. Sell-side analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, September 30th. Veris Residential’s payout ratio is presently 47.76%.

Wall Street Analyst Weigh In

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

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.