Veris Residential (NYSE:VRE) Price Target Raised to $14.00 at JPMorgan Chase & Co.

Veris Residential (NYSE:VRE - Free Report) had its target price lifted by JPMorgan Chase & Co. from $13.00 to $14.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an underweight rating on the stock.

VRE has been the subject of several other reports. Truist Financial dropped their target price on Veris Residential from $15.00 to $14.00 and set a hold rating for the company in a report on Monday, June 24th. Evercore ISI increased their target price on Veris Residential from $17.00 to $19.00 and gave the company an outperform rating in a report on Wednesday, August 28th.

Veris Residential Price Performance

Shares of Veris Residential stock remained flat at $17.99 during trading on Monday. The stock had a trading volume of 390,738 shares, compared to its average volume of 643,882. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $1.67 billion, a PE ratio of -18.04, a price-to-earnings-growth ratio of 6.67 and a beta of 1.25. The business has a 50 day simple moving average of $16.33 and a two-hundred day simple moving average of $15.39. Veris Residential has a 12-month low of $13.06 and a 12-month high of $18.17.

Veris Residential (NYSE:VRE - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate 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 quarter last year, the company posted $0.16 earnings per share. On average, analysts forecast that Veris Residential will post 0.54 earnings per share 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 issued a $0.07 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.28 annualized dividend and a dividend yield of 1.56%. This is a positive change from Veris Residential's previous quarterly dividend of $0.06. Veris Residential's payout ratio is presently -28.00%.

Insider Activity at Veris Residential

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

Institutional Trading of Veris Residential

Several hedge funds and other institutional investors have recently made changes to their positions in VRE. Allspring Global Investments Holdings LLC lifted its holdings in shares of Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company's stock valued at $41,000 after purchasing an additional 2,167 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Veris Residential in the 2nd quarter valued at $48,000. Quarry LP acquired a new position in shares of Veris Residential in the 2nd quarter valued at $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Veris Residential in the 1st quarter valued at $152,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Veris Residential in the 1st quarter valued at $156,000. Hedge funds and other 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.