Veris Residential (NYSE:VRE) Price Target Raised to $19.00 at Evercore ISI

Veris Residential (NYSE:VRE - Free Report) had its target price hoisted by Evercore ISI from $17.00 to $19.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

VRE has been the topic of several other reports. JPMorgan Chase & Co. upped their price objective on shares of Veris Residential from $11.00 to $13.00 and gave the stock an underweight rating in a research note on Monday, June 17th. Truist Financial lowered their price target on shares of Veris Residential from $15.00 to $14.00 and set a hold rating for the company in a report on Monday, June 24th.

Veris Residential Stock Performance

Veris Residential stock traded up $0.28 during trading hours on Wednesday, hitting $17.38. The stock had a trading volume of 423,850 shares, compared to its average volume of 656,567. The company has a 50-day moving average of $15.62 and a two-hundred day moving average of $15.20. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.33. The company has a market cap of $1.61 billion, a PE ratio of -17.38, a price-to-earnings-growth ratio of 6.10 and a beta of 1.26. Veris Residential has a fifty-two week low of $13.06 and a fifty-two week high of $18.98.

Veris Residential (NYSE:VRE - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.11). The firm had revenue of $67.48 million during the quarter, compared to analyst estimates of $67.73 million. Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. During the same period last year, the company earned $0.16 EPS. On average, equities research analysts anticipate that Veris Residential will post 0.54 EPS for the current fiscal year.

Veris Residential Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.61%. This is a positive change from Veris Residential's previous quarterly dividend of $0.06. The ex-dividend date is Monday, September 30th. Veris Residential's dividend payout ratio (DPR) is presently -28.00%.

Insiders Place Their Bets

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

Institutional Trading of Veris Residential

Hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund boosted its holdings in Veris Residential by 22.1% in the 4th quarter. New York State Common Retirement Fund now owns 36,696 shares of the company's stock valued at $577,000 after purchasing an additional 6,632 shares during the period. Van ECK Associates Corp boosted its holdings in Veris Residential by 19.7% in 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 during the period. Victory Capital Management Inc. boosted its holdings in Veris Residential by 29.6% in the 4th quarter. Victory Capital Management Inc. now owns 1,086,981 shares of the company's stock valued at $17,098,000 after purchasing an additional 248,427 shares during the period. New York Life Investment Management LLC bought a new stake in Veris Residential in the 4th quarter valued at about $219,000. Finally, Natixis Advisors L.P. bought a new stake in Veris Residential in the 4th quarter valued at about $872,000. Institutional investors own 93.04% of the company's stock.

Veris Residential Company Profile

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.