Veris Residential (NYSE:VRE) Hits New 52-Week High – What’s Next?

Veris Residential, Inc. (NYSE:VRE)’s share price hit a new 52-week high on Thursday . The company traded as high as $18.78 and last traded at $18.70, with a volume of 5882 shares changing hands. The stock had previously closed at $18.58.

Analyst Upgrades and Downgrades

VRE has been the subject of several research analyst reports. Evercore ISI boosted their price objective on shares of Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. boosted their target price on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, September 16th. Finally, Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and raised their price target for the company from $20.00 to $23.00 in a report on Tuesday.

Veris Residential Stock Down 0.5 %

The firm’s 50-day simple moving average is $17.50 and its 200 day simple moving average is $16.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market cap of $1.69 billion, a P/E ratio of -107.00, a PEG ratio of 3.08 and a beta of 1.26.

Veris Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Tuesday, December 31st. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. Veris Residential’s dividend payout ratio is currently -188.24%.

Hedge Funds Weigh In On Veris Residential

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DigitalBridge Group Inc. bought a new stake in shares of Veris Residential in the 2nd quarter valued at about $13,673,000. Adelante Capital Management LLC acquired a new position in Veris Residential during the third quarter valued at approximately $11,001,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Veris Residential by 491.8% in the third 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 in the last quarter. AXA S.A. acquired a new stake in Veris Residential in the second quarter worth $6,392,000. Finally, Marshall Wace LLP bought a new position in shares of Veris Residential during the second quarter worth $5,502,000. Institutional investors own 93.04% of the company’s stock.

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.