Legal & General Group Plc Purchases 446,967 Shares of Veris Residential, Inc. $VRE

Legal & General Group Plc increased its position in shares of Veris Residential, Inc. (NYSE:VRE) by 39.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,587,722 shares of the company’s stock after acquiring an additional 446,967 shares during the period. Legal & General Group Plc owned approximately 1.70% of Veris Residential worth $23,625,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Veris Residential by 6.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 64,402 shares of the company’s stock worth $956,000 after acquiring an additional 3,860 shares during the period. Inscription Capital LLC increased its holdings in Veris Residential by 26.2% during the 4th quarter. Inscription Capital LLC now owns 23,693 shares of the company’s stock worth $353,000 after acquiring an additional 4,919 shares during the period. UBS Group AG increased its holdings in Veris Residential by 31.5% during the 4th quarter. UBS Group AG now owns 269,940 shares of the company’s stock worth $4,017,000 after acquiring an additional 64,616 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Veris Residential by 18.1% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 19,896 shares of the company’s stock worth $296,000 after acquiring an additional 3,047 shares during the period. Finally, Vert Asset Management LLC increased its holdings in Veris Residential by 4.9% during the 4th quarter. Vert Asset Management LLC now owns 39,131 shares of the company’s stock worth $582,000 after acquiring an additional 1,813 shares during the period. Institutional investors own 93.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on VRE shares. Citigroup raised their target price on shares of Veris Residential from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. Truist Financial raised their target price on shares of Veris Residential from $15.00 to $19.00 and gave the company 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 note on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $19.50.

Veris Residential Stock Performance

VRE stock opened at $18.99 on Monday. The company has a market capitalization of $1.78 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 3.15 and a beta of 1.07. Veris Residential, Inc. has a one year low of $13.69 and a one year high of $19.03. The company’s 50 day moving average price is $18.94 and its two-hundred day moving average price is $16.95. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.57 and a current ratio of 0.57.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.33). The business had revenue of $70.10 million for the quarter, compared to analysts’ expectations of $68.06 million. Veris Residential had a return on equity of 5.34% and a net margin of 24.30%. As a group, analysts predict that Veris Residential, Inc. will post 0.78 earnings per share for the current fiscal year.

Veris Residential Company 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.