OVERSEA CHINESE BANKING Corp Ltd Has $5.04 Million Stake in Veris Residential, Inc. (NYSE:VRE)

OVERSEA CHINESE BANKING Corp Ltd lowered its holdings in shares of Veris Residential, Inc. (NYSE:VRE) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 297,653 shares of the company’s stock after selling 3,754 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Veris Residential were worth $5,036,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of VRE. GF Fund Management CO. LTD. acquired a new stake in Veris Residential during the 4th quarter valued at $25,000. Covestor Ltd grew its position in Veris Residential by 11,246.7% in the fourth quarter. Covestor Ltd now owns 1,702 shares of the company’s stock valued at $28,000 after acquiring an additional 1,687 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of Veris Residential by 824.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,515 shares of the company’s stock worth $42,000 after purchasing an additional 2,243 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Veris Residential during the fourth quarter worth about $45,000. Finally, State of Wyoming bought a new stake in shares of Veris Residential during the fourth quarter worth about $52,000. Institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Performance

NYSE:VRE opened at $14.78 on Tuesday. The business’s 50-day moving average price is $15.05 and its two-hundred day moving average price is $15.68. Veris Residential, Inc. has a twelve month low of $14.12 and a twelve month high of $18.85. The stock has a market cap of $1.38 billion, a P/E ratio of -46.19, a PEG ratio of 1.63 and a beta of 1.21. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.38.

Veris Residential (NYSE:VRE) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The business had revenue of $67.76 million for the quarter, compared to analysts’ expectations of $69.24 million. Veris Residential had a negative return on equity of 2.62% and a negative net margin of 11.02%. As a group, equities analysts predict that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.16%. Veris Residential’s dividend payout ratio is presently -100.00%.

Analysts Set New Price Targets

VRE has been the topic of a number of recent analyst reports. Truist Financial cut their price objective on Veris Residential from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Wall Street Zen downgraded Veris Residential from a “hold” rating to a “sell” rating in a report on Saturday, June 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Veris Residential has an average rating of “Hold” and a consensus target price of $18.50.

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.