Principal Financial Group Inc. Has $6.33 Million Stock Position in Veris Residential, Inc. (NYSE:VRE)

Principal Financial Group Inc. cut its stake in Veris Residential, Inc. (NYSE:VRE) by 0.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 416,164 shares of the company’s stock after selling 1,954 shares during the quarter. Principal Financial Group Inc.’s holdings in Veris Residential were worth $6,330,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Vert Asset Management LLC raised its holdings in shares of Veris Residential by 4.9% in the 1st quarter. Vert Asset Management LLC now owns 28,852 shares of the company’s stock worth $439,000 after buying an additional 1,354 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Veris Residential by 1.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 91,500 shares of the company’s stock worth $1,439,000 after buying an additional 1,700 shares in the last quarter. Van ECK Associates Corp increased its holdings in Veris Residential by 19.7% during the 4th quarter. Van ECK Associates Corp now owns 11,088 shares of the company’s stock valued at $174,000 after purchasing an additional 1,823 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after purchasing an additional 2,167 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Veris Residential by 5.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 49,456 shares of the company’s stock valued at $757,000 after purchasing an additional 2,556 shares in the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Veris Residential

In other news, CEO Mahbod Nia acquired 35,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were purchased at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the transaction, the chief executive officer now owns 380,869 shares of the company’s stock, valued at $5,454,044.08. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Nori Gerardo Lietz purchased 10,000 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were purchased at an average price of $14.31 per share, with a total value of $143,100.00. Following the purchase, the director now directly owns 39,687 shares of the company’s stock, valued at approximately $567,920.97. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mahbod Nia bought 35,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the transaction, the chief executive officer now owns 380,869 shares of the company’s stock, valued at approximately $5,454,044.08. The disclosure for this purchase can be found here. Corporate insiders own 15.00% of the company’s stock.

Veris Residential Stock Performance

VRE traded down $0.17 during mid-day trading on Friday, reaching $14.81. The stock had a trading volume of 85,976 shares, compared to its average volume of 696,948. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 1.46. The firm’s fifty day simple moving average is $15.03 and its two-hundred day simple moving average is $15.08. Veris Residential, Inc. has a 52 week low of $13.06 and a 52 week high of $18.98.

Veris Residential Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Wednesday, July 3rd will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.62%. This is a positive change from Veris Residential’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, July 3rd. Veris Residential’s dividend payout ratio (DPR) is presently -24.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price target on Veris Residential from $11.00 to $13.00 and gave the company an “underweight” rating in a report on Monday, June 17th. Evercore ISI dropped their price target on Veris Residential from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Finally, Truist Financial dropped their price target on Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a report on Monday, June 24th.

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.