Veris Residential (NYSE:VRE) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of Veris Residential (NYSE:VRE) from a neutral rating to a buy rating in a report issued on Tuesday morning, MarketBeat Ratings reports. Bank of America currently has $23.00 price objective on the stock, up from their prior price objective of $20.00.

A number of other research firms have also recently weighed in on VRE. Evercore ISI raised their price target on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. JPMorgan Chase & Co. raised their price target on shares of Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Monday, September 16th.

Veris Residential Stock Down 0.5 %

NYSE:VRE opened at $18.19 on Tuesday. Veris Residential has a fifty-two week low of $13.28 and a fifty-two week high of $18.85. The stock has a market capitalization of $1.69 billion, a P/E ratio of -107.00, a P/E/G ratio of 3.08 and a beta of 1.26. 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’s 50-day simple moving average is $17.50 and its 200-day simple moving average is $16.26.

Veris Residential Increases Dividend

The business also recently announced 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. The ex-dividend date is Tuesday, December 31st. This is a boost from Veris Residential’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a yield of 1.76%. Veris Residential’s dividend payout ratio (DPR) is -188.24%.

Institutional Trading of Veris Residential

A number of institutional investors have recently bought and sold shares of VRE. Allspring Global Investments Holdings LLC boosted its stake in Veris Residential by 417.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after purchasing an additional 2,167 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in Veris Residential by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 70,177 shares of the company’s stock valued at $1,067,000 after acquiring an additional 897 shares during the period. SG Americas Securities LLC lifted its stake in Veris Residential by 22.8% during the 1st quarter. SG Americas Securities LLC now owns 17,260 shares of the company’s stock valued at $263,000 after acquiring an additional 3,209 shares during the period. Inspire Investing LLC acquired a new stake in Veris Residential during the 1st quarter valued at approximately $360,000. Finally, ProShare Advisors LLC lifted its stake in Veris Residential by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 15,978 shares of the company’s stock valued at $243,000 after acquiring an additional 1,096 shares during the period. 93.04% of the stock is currently owned by institutional investors and hedge funds.

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.