HGI Capital Management LLC Grows Stock Position in Veris Residential, Inc. (NYSE:VRE)

HGI Capital Management LLC raised its stake in Veris Residential, Inc. (NYSE:VRE) by 21.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 266,707 shares of the company’s stock after buying an additional 47,076 shares during the period. Veris Residential comprises about 4.2% of HGI Capital Management LLC’s portfolio, making the stock its 9th biggest position. HGI Capital Management LLC’s holdings in Veris Residential were worth $4,763,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in VRE. Vanguard Group Inc. grew its position in shares of Veris Residential by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 12,439,064 shares of the company’s stock valued at $189,198,000 after buying an additional 88,634 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Veris Residential in the 1st quarter valued at about $156,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Veris Residential by 6.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,796 shares of the company’s stock valued at $758,000 after purchasing an additional 2,826 shares during the period. Tidal Investments LLC lifted its stake in shares of Veris Residential by 268.8% in the 1st quarter. Tidal Investments LLC now owns 50,959 shares of the company’s stock valued at $775,000 after purchasing an additional 37,141 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Veris Residential by 3.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,485 shares of the company’s stock valued at $1,357,000 after purchasing an additional 2,949 shares during the period. Institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Up 0.2 %

VRE stock opened at $18.20 on Friday. The stock’s 50 day simple moving average is $17.61 and its 200 day simple moving average is $16.46. Veris Residential, Inc. has a fifty-two week low of $13.28 and a fifty-two week high of $18.85. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market cap of $1.69 billion, a P/E ratio of -107.06, a price-to-earnings-growth ratio of 3.03 and a beta of 1.26.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Tuesday, December 31st. Veris Residential’s dividend payout ratio is -188.24%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on VRE shares. JPMorgan Chase & Co. boosted their price objective on Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, September 16th. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th. Finally, Evercore ISI boosted their price objective on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th.

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.