HGI Capital Management Increases Stakes in Veris Residential, Inc.

HGI Capital Management LLC has increased its investment in Veris Residential, Inc. (NYSE: VRE) by 21.4% during the third quarter of the year, as reported in their recent filing with the SEC. After acquiring an additional 47,076 shares, HGI now holds a total of 266,707 shares of Veris Residential. This investment represents approximately 4.2% of HGI Capital's overall portfolio, positioning Veris Residential as the fund's ninth largest holding, valued at around $4,763,000, or about 0.29% of the total company shares.

Other institutional investors have also recently adjusted their stakes in Veris Residential. Notably, UBS Asset Management America LLC significantly boosted its stake by 491.8% in the third quarter, owning 616,605 shares worth approximately $11,013,000 following an additional purchase of 512,406 shares. FMR LLC also raised its stake by an astonishing 5,945.2%, now controlling 224,278 shares valued at around $4,006,000 after acquiring 220,568 additional shares. Meanwhile, Daiwa Securities Group Inc. increased its holdings by 2.6%, with a total of 540,653 shares worth $9,656,000 after adding 13,882 shares. Charles Schwab Investment Management Inc. also upped its investment by 3.5%, expanding to 1,470,536 shares valued at $26,264,000 after purchasing an additional 49,378 shares. Intech Investment Management LLC raised its stake significantly by 60.7%, now owning 23,386 shares valued at $418,000 after acquiring 8,837 more shares. Currently, institutional investors collectively own 93.04% of Veris Residential's stock.

Analyst Ratings Changes

Recently, several analysts have provided updates regarding Veris Residential’s stock performance. For example, JPMorgan Chase & Co. raised their price target from $13.00 to $14.00, while maintaining an "underweight" rating, as noted in a research update on September 16. Additionally, Bank of America improved its rating from "neutral" to "buy" and increased its price target from $20.00 to $23.00 in a report on November 12. Furthermore, Evercore ISI raised its price target from $17.00 to $19.00 and assigned a rating of "outperform" in a report issued on August 28.

Veris Residential Trading Performance

As of Friday, Veris Residential shares opened at $18.20. The company's market capitalization stands at approximately $1.69 billion. With a P/E ratio of -107.06 and a P/E/G ratio of 3.03, the stock indicates varying financial metrics, including a beta of 1.26. Over the past twelve months, the stock's price has fluctuated between a low of $13.28 and a high of $18.85. Financial ratios indicate a quick ratio and a current ratio of 0.73, with a debt-to-equity ratio at 1.34. The fifty-day and 200-day simple moving averages are $17.61 and $16.46, respectively.

Dividend Announcement from Veris Residential

Veris Residential has also announced an increase in its quarterly dividend, set to be paid on January 10. Shareholders who are on record by December 31 will receive a dividend of $0.08 per share. This $0.32 annualized dividend yields about 1.76%. The ex-dividend date is also set for December 31, marking a positive increase from the previous dividend of $0.07. It is important to note that Veris Residential's payout ratio is currently at -188.24%, which indicates that the company’s earnings are not covering its dividend payments.

Overview of Veris Residential

Veris Residential, Inc. operates as a real estate investment trust (REIT), focusing on environmentally and socially responsible investments. The company is dedicated to the ownership, operation, acquisition, and development of high-quality Class A multifamily properties that cater to the sustainable living needs of modern residents, all while positively impacting the community and the environment.

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