Pictet Asset Management SA Makes New Investment in Veris Residential, Inc. (NYSE:VRE)

Pictet Asset Management SA acquired a new stake in shares of Veris Residential, Inc. (NYSE:VREGet Rating) during the second quarter, HoldingsChannel reports. The firm acquired 31,234 shares of the company’s stock, valued at approximately $414,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Veris Residential during the second quarter valued at approximately $74,000. KBC Group NV bought a new stake in shares of Veris Residential during the second quarter valued at approximately $87,000. Van ECK Associates Corp bought a new stake in shares of Veris Residential during the second quarter valued at approximately $103,000. Contravisory Investment Management Inc. bought a new stake in shares of Veris Residential during the second quarter valued at approximately $142,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in shares of Veris Residential during the second quarter valued at approximately $143,000. 91.50% of the stock is currently owned by institutional investors.

Veris Residential Price Performance

Shares of VRE stock opened at $15.54 on Thursday. The stock’s fifty day simple moving average is $13.47 and its 200 day simple moving average is $13.92. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -11.95 and a beta of 1.20. Veris Residential, Inc. has a one year low of $10.22 and a one year high of $19.60.

Insider Activity at Veris Residential

In other Veris Residential news, Director A. Akiva Katz acquired 325,000 shares of Veris Residential stock in a transaction on Monday, October 10th. The shares were bought at an average price of $11.51 per share, with a total value of $3,740,750.00. Following the completion of the purchase, the director now owns 4,530,436 shares in the company, valued at $52,145,318.36. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Veris Residential news, Director A. Akiva Katz acquired 325,000 shares of Veris Residential stock in a transaction on Monday, October 10th. The shares were bought at an average price of $11.51 per share, with a total value of $3,740,750.00. Following the completion of the purchase, the director now owns 4,530,436 shares in the company, valued at $52,145,318.36. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mahbod Nia acquired 79,580 shares of Veris Residential stock in a transaction on Monday, October 10th. The stock was acquired at an average cost of $11.52 per share, for a total transaction of $916,761.60. Following the purchase, the chief executive officer now owns 106,739 shares of the company’s stock, valued at approximately $1,229,633.28. The disclosure for this purchase can be found here. Insiders have purchased a total of 630,791 shares of company stock valued at $7,231,749 in the last 90 days. 7.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on VRE shares. Deutsche Bank Aktiengesellschaft lowered their price objective on Veris Residential from $15.00 to $13.00 and set a “hold” rating on the stock in a research report on Tuesday, October 4th. Bank of America raised Veris Residential from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $16.00 to $18.00 in a research note on Monday, November 14th. Finally, Evercore ISI decreased their price target on Veris Residential to $14.00 in a research note on Thursday, October 13th.

Veris Residential Company Profile

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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.

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Institutional Ownership by Quarter for Veris Residential (NYSE:VRE)

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