OVERSEA CHINESE BANKING Corp Ltd Sells 116,511 Shares of Veris Residential, Inc. (NYSE:VRE)

OVERSEA CHINESE BANKING Corp Ltd lowered its position in shares of Veris Residential, Inc. (NYSE:VRE) by 27.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 301,407 shares of the company’s stock after selling 116,511 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned about 0.32% of Veris Residential worth $5,012,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cornerstone Investment Partners LLC bought a new stake in Veris Residential during the 4th quarter worth $184,000. Natixis Advisors LLC bought a new stake in Veris Residential during the 3rd quarter worth $203,000. Point72 Asset Management L.P. bought a new stake in Veris Residential during the 3rd quarter worth $263,000. Van ECK Associates Corp grew its position in Veris Residential by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock worth $247,000 after acquiring an additional 1,378 shares during the last quarter. Finally, Tidal Investments LLC bought a new stake in Veris Residential during the 3rd quarter worth $397,000. Institutional investors own 93.04% of the company’s stock.

Veris Residential Stock Down 1.8 %

Shares of NYSE:VRE opened at $16.18 on Wednesday. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -95.14, a P/E/G ratio of 2.50 and a beta of 1.24. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The business’s 50-day moving average is $16.06 and its 200-day moving average is $16.94. Veris Residential, Inc. has a 1 year low of $13.84 and a 1 year high of $18.85.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Monday, February 24th. The company reported $0.11 earnings per share 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 firm had revenue of $68.08 million for the quarter, compared to analyst estimates of $66.98 million. Equities research analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Monday, March 31st. Veris Residential’s dividend payout ratio (DPR) is currently -133.33%.

Analyst Upgrades and Downgrades

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

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.