Inspire Investing LLC Has $404,000 Stake in Veris Residential, Inc. (NYSE:VRE)

Inspire Investing LLC lifted its position in shares of Veris Residential, Inc. (NYSE:VRE) by 5.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,297 shares of the company’s stock after purchasing an additional 1,149 shares during the period. Inspire Investing LLC’s holdings in Veris Residential were worth $404,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in VRE. Adelante Capital Management LLC acquired a new position in shares of Veris Residential in the third quarter valued at about $11,001,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Veris Residential by 491.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock valued at $11,013,000 after purchasing an additional 512,406 shares during the period. AXA S.A. acquired a new position in shares of Veris Residential during the 2nd quarter worth approximately $6,392,000. Marshall Wace LLP acquired a new position in shares of Veris Residential during the 2nd quarter worth approximately $5,502,000. Finally, Brookfield Corp ON bought a new position in shares of Veris Residential during the third quarter worth approximately $4,561,000. 93.04% of the stock is owned by institutional investors and hedge funds.

Veris Residential Price Performance

Shares of NYSE:VRE opened at $15.69 on Friday. The firm has a 50 day moving average of $16.93 and a 200-day moving average of $16.91. Veris Residential, Inc. has a 12 month low of $13.84 and a 12 month high of $18.85. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $1.46 billion, a PE ratio of -92.26, a PEG ratio of 2.49 and a beta of 1.28.

Veris Residential (NYSE:VRE) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.22). Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The firm had revenue of $68.18 million during the quarter, compared to the consensus estimate of $68.24 million. During the same period last year, the business earned $0.12 earnings per share. On average, equities research analysts predict that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Tuesday, December 31st were given 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 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Tuesday, December 31st. Veris Residential’s dividend payout ratio is currently -188.22%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and boosted their price target for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th. JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $14.00 to $17.00 in a report on Tuesday, December 17th.

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.