JPMorgan Chase & Co. Upgrades Veris Residential (NYSE:VRE) to Neutral

JPMorgan Chase & Co. upgraded shares of Veris Residential (NYSE:VRE) from an underweight rating to a neutral rating in a report issued on Tuesday, MarketBeat reports. JPMorgan Chase & Co. currently has $17.00 price target on the stock, up from their previous price target of $14.00.

Several other research analysts have also recently issued reports on VRE. Evercore ISI increased their price objective on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and increased their price target for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th.

Veris Residential Price Performance

Shares of VRE stock opened at $17.53 on Tuesday. The company has a market capitalization of $1.63 billion, a P/E ratio of -103.09, a P/E/G ratio of 2.91 and a beta of 1.27. The company’s 50-day simple moving average is $17.61 and its two-hundred day simple moving average is $16.70. Veris Residential has a one year low of $13.84 and a one year high of $18.85. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73.

Veris Residential Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.83%. Veris Residential’s payout ratio is -188.24%.

Institutional Trading of Veris Residential

Several hedge funds and other institutional investors have recently bought and sold shares of VRE. Geode Capital Management LLC lifted its stake in shares of Veris Residential by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock worth $35,743,000 after purchasing an additional 21,133 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Veris Residential by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock worth $26,264,000 after purchasing an additional 49,378 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Veris Residential by 0.5% during the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock valued at $21,440,000 after buying an additional 6,421 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Veris Residential by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company’s stock valued at $17,217,000 after buying an additional 65,180 shares in the last quarter. Finally, DigitalBridge Group Inc. purchased a new position in shares of Veris Residential in the 2nd quarter worth approximately $13,673,000. 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.