Truist Financial Trims Veris Residential (NYSE:VRE) Target Price to $14.00

Veris Residential (NYSE:VRE) had its price objective lowered by Truist Financial from $15.00 to $14.00 in a research report report published on Monday, Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other research analysts also recently issued reports on the stock. Evercore ISI cut their target price on shares of Veris Residential from $17.00 to $16.00 and set an outperform rating on the stock in a research report on Thursday, June 20th. JPMorgan Chase & Co. increased their price objective on shares of Veris Residential from $11.00 to $13.00 and gave the stock an underweight rating in a research report on Monday, June 17th.

Veris Residential Trading Up 1.3 %

VRE opened at $14.60 on Monday. The firm has a 50-day moving average price of $14.99 and a two-hundred day moving average price of $15.09. Veris Residential has a 1-year low of $13.06 and a 1-year high of $18.98. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $1.35 billion, a PE ratio of -14.60, a PEG ratio of 4.53 and a beta of 1.25.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Wednesday, July 3rd will be given a dividend of $0.06 per share. This is a positive change from Veris Residential’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Wednesday, July 3rd. Veris Residential’s dividend payout ratio is -21.00%.

Insiders Place Their Bets

In related news, Director Nori Gerardo Lietz bought 10,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was bought at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the purchase, the director now owns 39,687 shares in the company, valued at approximately $567,920.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Mahbod Nia purchased 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the transaction, the chief executive officer now owns 380,869 shares of the company’s stock, valued at $5,454,044.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nori Gerardo Lietz bought 10,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was purchased at an average price of $14.31 per share, with a total value of $143,100.00. Following the completion of the transaction, the director now directly owns 39,687 shares in the company, valued at approximately $567,920.97. The disclosure for this purchase can be found here. Company insiders own 15.00% of the company’s stock.

Institutional Investors Weigh In On Veris Residential

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 88,634 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Veris Residential by 24.8% during the third quarter. Wellington Management Group LLP now owns 7,176,422 shares of the company’s stock valued at $118,411,000 after purchasing an additional 1,425,528 shares during the period. Aew Capital Management L P boosted its holdings in Veris Residential by 169.5% in the fourth quarter. Aew Capital Management L P now owns 1,555,610 shares of the company’s stock worth $24,470,000 after acquiring an additional 978,350 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Veris Residential by 29.6% in the 4th quarter. Victory Capital Management Inc. now owns 1,086,981 shares of the company’s stock worth $17,098,000 after purchasing an additional 248,427 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its holdings in shares of Veris Residential by 115.3% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 764,760 shares of the company’s stock valued at $12,030,000 after buying an additional 409,631 shares during the last quarter. 93.04% of the stock is currently owned by institutional investors.

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.