HGI Capital Management Increases Stake in Veris Residential

HGI Capital Management LLC has reported a 21.4% increase in its holdings of Veris Residential, Inc. (NYSE:VRE) during the third quarter. According to the latest filing with the SEC, the firm now owns 266,707 shares of Veris Residential, having acquired an additional 47,076 shares during this period. Veris Residential constitutes approximately 4.2% of HGI Capital Management's portfolio, making it the 9th largest position held by the fund. At the close of the most recent quarter, HGI Capital Management held about 0.29% of Veris Residential, valued at $4,763,000.

In addition to HGI's investment, several other institutional investors have also adjusted their holdings in Veris Residential. For instance, UBS AM, a unit of UBS Asset Management Americas LLC, significantly increased its stake by 491.8%, acquiring 512,406 additional shares to reach a total of 616,605 shares valued at $11,013,000. Meanwhile, FMR LLC raised its stake by an impressive 5,945.2%, now owning 224,278 shares worth $4,006,000 after purchasing 220,568 shares. Daiwa Securities Group Inc. added a 2.6% increase to their shares, bringing their total to 540,653 shares valued at $9,656,000, following the purchase of an additional 13,882 shares. Similarly, Charles Schwab Investment Management Inc. upped their stake by 3.5%, totaling 1,470,536 shares valued at $26,264,000 after an acquisition of 49,378 shares. Intech Investment Management LLC also grew its holdings by 60.7%, acquiring 8,837 more shares for a total of 23,386 shares valued at $418,000. Overall, institutional investors collectively own 93.04% of Veris Residential's stock.

Changes in Analyst Ratings

Several analysts have recently updated their ratings for Veris Residential. Notably, JPMorgan Chase & Co. increased their price target from $13.00 to $14.00 and assigned an "underweight" rating in a report on September 16. Conversely, Bank of America upgraded the stock from "neutral" to "buy" and raised the price objective from $20.00 to $23.00 on November 12. Evercore ISI also boosted its price target from $17.00 to $19.00, giving Veris Residential an "outperform" rating in a report dated August 28.

Current Trading Performance

As of Friday, shares of Veris Residential opened at $18.20. The company has a market capitalization of $1.69 billion and presents a P/E ratio of -107.06. It has recorded a twelve-month low of $13.28 and a high of $18.85. Key financial metrics include a quick ratio of 0.73, a current ratio of 0.73, and a debt-to-equity ratio of 1.34, while its fifty-day average is $17.61 and the 200-day average is $16.46.

Dividend Announcement

The company has recently declared a quarterly dividend to be paid on January 10, 2023. Shareholders on record as of December 31 will receive a dividend of $0.08, translating to an annualized rate of $0.32 and a yield of 1.76%. This marks an increase from the previous quarterly dividend of $0.07, although Veris Residential's payout ratio stands at -188.24%.

About Veris Residential

Veris Residential, Inc. is a real estate investment trust (REIT) focused on environmentally and socially conscious development. The company specializes in owning, operating, acquiring, and developing Class A multifamily properties that cater to the lifestyle needs of residents committed to sustainability.

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