Legal & General Group Plc Grows Holdings in Veris Residential, Inc. $VRE

Legal & General Group Plc increased its holdings in Veris Residential, Inc. (NYSE:VRE) by 39.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,587,722 shares of the company’s stock after acquiring an additional 446,967 shares during the quarter. Legal & General Group Plc’s holdings in Veris Residential were worth $23,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Madison International Realty Holdings LLC purchased a new position in shares of Veris Residential during the third quarter valued at approximately $78,875,000. Woodline Partners LP bought a new position in Veris Residential during the 3rd quarter valued at approximately $22,504,000. Balyasny Asset Management L.P. increased its position in Veris Residential by 138.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after buying an additional 620,708 shares in the last quarter. SG Americas Securities LLC purchased a new position in Veris Residential during the fourth quarter valued at $7,720,000. Finally, JPMorgan Chase & Co. raised its stake in Veris Residential by 26.8% during the third 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 during the last quarter. 93.04% of the stock is owned by hedge funds and other institutional investors.

Veris Residential Price Performance

Shares of VRE opened at $18.99 on Monday. The firm has a fifty day simple moving average of $18.94 and a two-hundred day simple moving average of $16.95. The firm has a market cap of $1.78 billion, a PE ratio of 24.66, a P/E/G ratio of 3.15 and a beta of 1.07. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.10. Veris Residential, Inc. has a 1-year low of $13.69 and a 1-year high of $19.03.

Veris Residential (NYSE:VRE) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.33). The firm 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 5.34% and a net margin of 24.30%. On average, equities analysts anticipate that Veris Residential, Inc. will post 0.78 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on VRE shares. Citigroup increased their target price on Veris Residential from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 1st. Truist Financial upped their price target on shares of Veris Residential from $15.00 to $19.00 and gave the stock a “hold” rating in a research note on Tuesday, March 24th. Finally, Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.50.

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.