OVERSEA CHINESE BANKING Corp Ltd Trims Stock Holdings in Veris Residential, Inc. $VRE

OVERSEA CHINESE BANKING Corp Ltd trimmed its position in Veris Residential, Inc. (NYSE:VRE) by 10.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 236,821 shares of the company’s stock after selling 28,525 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Veris Residential were worth $3,524,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Centerpoint Advisors LLC bought a new position in Veris Residential during the 3rd quarter valued at approximately $1,110,000. JPMorgan Chase & Co. increased its position in Veris Residential by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,374,440 shares of the company’s stock valued at $36,091,000 after buying an additional 501,725 shares in the last quarter. APG Asset Management US Inc. increased its position in Veris Residential by 107.1% during the 3rd quarter. APG Asset Management US Inc. now owns 696,155 shares of the company’s stock valued at $10,463,000 after buying an additional 360,031 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC increased its position in Veris Residential by 5.3% during the 3rd quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,274,190 shares of the company’s stock valued at $19,368,000 after buying an additional 64,074 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Veris Residential during the 4th quarter valued at approximately $7,720,000. Institutional investors own 93.04% of the company’s stock.

Analyst Upgrades and Downgrades

VRE has been the subject of a number of analyst reports. Truist Financial raised their price objective on Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a research report on Tuesday, March 24th. Wall Street Zen lowered Veris Residential from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Finally, Citigroup lifted their target price on Veris Residential from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Wednesday, April 1st. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.50.

Veris Residential Stock Down 0.0%

Veris Residential stock opened at $18.92 on Thursday. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 3.14 and a beta of 1.15. The stock has a fifty day simple moving average of $18.57 and a two-hundred day simple moving average of $16.18. Veris Residential, Inc. has a 12 month low of $13.69 and a 12 month high of $19.03. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, April 22nd. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.33). The business had revenue of $70.10 million during the quarter, compared to the consensus estimate of $68.06 million. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%. Equities analysts predict that Veris Residential, Inc. will post 0.78 EPS for the current fiscal year.

Veris Residential Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.7%. Veris Residential’s dividend payout ratio (DPR) is presently 40.00%.

Veris Residential Profile

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.