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 research note issued to investors on Tuesday morning, MarketBeat.com reports. Bank of America currently has $23.00 target price on the stock, up from their previous target price of $20.00.

Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Evercore ISI raised their target price on shares of Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th.

Veris Residential Price Performance

Veris Residential stock opened at $18.19 on Tuesday. The firm has a 50-day moving average price of $17.50 and a 200-day moving average price of $16.26. The firm has a market capitalization of $1.69 billion, a PE ratio of -107.00, a price-to-earnings-growth ratio of 3.08 and a beta of 1.26. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. Veris Residential has a 12-month low of $13.28 and a 12-month high of $18.85.

Veris Residential Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Veris Residential by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 12,439,064 shares of the company’s stock valued at $189,198,000 after purchasing an additional 88,634 shares during the period. Charles Schwab Investment Management Inc. increased its position in Veris Residential by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock valued at $26,264,000 after purchasing an additional 49,378 shares during the period. Victory Capital Management Inc. increased its position in Veris Residential by 0.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock valued at $21,440,000 after purchasing an additional 6,421 shares during the period. Dimensional Fund Advisors LP increased its position in Veris Residential by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company’s stock valued at $17,217,000 after purchasing an additional 65,180 shares during the period. Finally, DigitalBridge Group Inc. purchased a new position in Veris Residential during the 2nd quarter valued at about $13,673,000. Hedge funds and other 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.