MJP Associates Inc. ADV Purchases Shares of 34,993 Veris Residential, Inc. $VRE

MJP Associates Inc. ADV acquired a new stake in Veris Residential, Inc. (NYSE:VRE) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 34,993 shares of the company’s stock, valued at approximately $532,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Prudential Financial Inc. grew its stake in shares of Veris Residential by 9.3% in the second quarter. Prudential Financial Inc. now owns 4,978,947 shares of the company’s stock worth $74,137,000 after purchasing an additional 423,683 shares during the last quarter. State Street Corp raised its position in Veris Residential by 2.5% during the 2nd quarter. State Street Corp now owns 4,729,420 shares of the company’s stock valued at $70,790,000 after purchasing an additional 115,670 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Veris Residential by 26.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,374,440 shares of the company’s stock worth $36,091,000 after buying an additional 501,725 shares during the period. Geode Capital Management LLC grew its position in shares of Veris Residential by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,062,170 shares of the company’s stock worth $30,709,000 after buying an additional 19,919 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its position in shares of Veris Residential by 5.9% in the 2nd quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,210,116 shares of the company’s stock worth $18,019,000 after buying an additional 67,709 shares during the last quarter. 93.04% of the stock is owned by institutional investors.

Veris Residential Price Performance

VRE opened at $16.82 on Wednesday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.13. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 25.10, a price-to-earnings-growth ratio of 2.57 and a beta of 1.26. The stock has a fifty day simple moving average of $15.16 and a two-hundred day simple moving average of $15.00. Veris Residential, Inc. has a 12-month low of $13.69 and a 12-month high of $17.18.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Veris Residential from a “hold” rating to a “buy” rating in a report on Saturday, December 6th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.67.

Veris Residential 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.