The State Board of Administration of Florida Retirement System recently announced that it has trimmed its position in Veris Residential, Inc. (NYSE:VRE) by 37.0% during the fourth quarter. This move comes as a surprise to many investors given Veris Residential’s recent performance in the real estate sector. According to the company’s most recent filing with the Securities and Exchange Commission (SEC), the State Board of Administration now owns just 35,161 shares of VRE after selling off 20,650 shares during this period. Despite this significant trimming, State Board of Administration’s holdings are still valued at $560,000 as per their most recent filings with the SEC.
Interested stakeholders can keep track of other hedge funds’ positions in VRE by visiting HoldingsChannel.com to access its latest 13F filings and insider trades on Veris Residential Inc.
Several research firms have also provided insights into Veris Residential’s current standing in the market. One such firm is Truist Financial which lowered its target price on VRE shares from $16.00 to $13.00 and rated them a “hold” in its research note back in March of this year. TheStreet also downgraded VRE shares earlier on April 28th from a “c” rating to a “d+” rating while Deutsche Bank Aktiengesellschaft upgraded VRE shares from a “hold” rating to a “buy” rating and set their target price for these stocks from $15.00 to $19.00 just recently.
The stock has been rated with two hold ratings and two buy ratings by analysts who regularly cover it as per information obtained from Bloomberg.com. Presently rated as a “Moderate Buy”, there is consensus among experts that Veris Residential holds significant potential for growth despite recent hiccups in its financial performance.
While some long-term investors may view State Board of Administration’s decision as an indicator of a bearish shift in the market, some experts suggest that it may just be a strategic move intended to streamline its investment portfolio. Regardless of the motivation behind this decision, there is no denying Veris Residential’s potential for growth in a market whose dynamics continue to evolve with each passing moment. For investors who want to capitalize on the opportunities presented by real estate investing, keeping an eye on VRE shares could be well worth the effort.
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Veris Residential Gains Interest from Hedge Funds and Institutional Investors due to Success in Multi-Family Real Estate Segment
Veris Residential, Inc. has recently caught the attention of several hedge funds and institutional investors who have made substantial changes to their positions in the company. Captrust Financial Advisors, for instance, purchased a new stake worth $61,000 during the second quarter while Tower Research Capital LLC TRC increased its holdings by 121.7% in the third quarter, thereby valuing its shares at $75,000 after acquiring an additional 3,622 shares.
Other investors that have expressed interest in Veris Residential include UBS Group AG and M&T Bank Corp which both purchased new stakes during the second and third quarters respectively. The Teacher Retirement System of Texas also spent about $148,000 on new shares during the 2nd quarter. It is noteworthy that 95.05% of Veris Residential’s stock is owned by institutional investors and hedge funds.
On Friday NYSE:VRE opened at $16.48 and currently has a market capitalization of $1.51 billion. Despite having a debt-to-equity ratio of 1.32, which may raise caution amongst some investors, Veris Residential maintains respectable liquidity ratios with a quick ratio and current ratio of 1.63 each.
Whilst it may be easy to see why Veris Residential is gaining traction amongst hedge funds and institutional investors alike given its impressive portfolio primarily consisting of class A office properties situated in Northeast America – What exactly makes veris residential more attractive than other real estate investment trusts?
The answer lies within one particular segment that separates Veris residential from others; its Multi-Family Real Estate and Services segment which has been performing exceptionally well since inception.
In summing up what these recent developments portend for the future outlook of veris residential; whilst its price-to-earnings growth ratio (PEG) stands at a modest figure of 5.33 suggesting it still offers room for growth long term – the buzz surrounding recent investments in the company suggests a huge faith in her ability to deliver healthier returns than current forecasts may suggest; and that of course might come as welcome news to potential investors.
