Fox Run Management L.L.C. Makes New Investment in Veris Residential, Inc. (NYSE:VRE)

Fox Run Management L.L.C. purchased a new stake in Veris Residential, Inc. (NYSE:VRE) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 36,414 shares of the company’s stock, valued at approximately $606,000.

Other institutional investors also recently modified their holdings of the company. Cornerstone Investment Partners LLC bought a new position in Veris Residential in the fourth quarter valued at about $184,000. Natixis Advisors LLC acquired a new position in Veris Residential during the 3rd quarter worth approximately $203,000. Van ECK Associates Corp lifted its stake in Veris Residential by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock valued at $247,000 after purchasing an additional 1,378 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Veris Residential in the third quarter valued at approximately $263,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Veris Residential during the fourth quarter worth $274,000. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Stock Up 2.1 %

Shares of NYSE:VRE opened at $16.65 on Tuesday. The firm has a market cap of $1.55 billion, a P/E ratio of -97.93, a P/E/G ratio of 2.50 and a beta of 1.24. Veris Residential, Inc. has a 12-month low of $13.84 and a 12-month high of $18.85. The business has a fifty day simple moving average of $16.12 and a 200 day simple moving average of $16.91. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential (NYSE:VRE) last issued its quarterly earnings data on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The company had revenue of $68.08 million for the quarter, compared to the consensus estimate of $66.98 million. Analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Monday, March 31st. Veris Residential’s dividend payout ratio (DPR) is presently -133.33%.

Analysts Set New Price Targets

A number of brokerages have recently commented on VRE. Evercore ISI reiterated an “in-line” rating and issued a $18.00 price target (down from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and increased their target price for the company from $14.00 to $17.00 in a research report on Tuesday, December 17th. Finally, Truist Financial upped their price objective on Veris Residential from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Monday, March 10th.

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.