Evercore ISI restated their in-line rating on shares of Veris Residential (NYSE:VRE - Free Report) in a research report sent to investors on Wednesday, MarketBeat reports. Evercore ISI currently has a $18.00 target price on the stock, down from their prior target price of $20.00.
Several other research firms have also weighed in on VRE. JPMorgan Chase & Co. upgraded shares of Veris Residential from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $14.00 to $17.00 in a report on Tuesday, December 17th. Bank of America raised shares of Veris Residential from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th.
View Our Latest Research Report on VRE
Veris Residential Stock Up 2.3 %
Shares of NYSE:VRE traded up $0.39 during trading on Wednesday, reaching $16.89. 705,258 shares of the company traded hands, compared to its average volume of 400,640. The firm has a market cap of $1.57 billion, a P/E ratio of -99.32, a price-to-earnings-growth ratio of 2.50 and a beta of 1.27. The firm has a fifty day simple moving average of $16.06 and a 200 day simple moving average of $16.97. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. Veris Residential has a 1-year low of $13.84 and a 1-year high of $18.85.
Veris Residential (NYSE:VRE - Get Free Report) last issued its earnings results on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.01). The business had revenue of $68.08 million for the quarter, compared to analyst estimates of $66.98 million. Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. Analysts anticipate that Veris Residential will post 0.61 earnings per share for the current fiscal year.
Veris Residential Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Monday, March 31st. Veris Residential's payout ratio is -133.33%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Veris Residential by 35.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company's stock valued at $51,000 after acquiring an additional 755 shares during the period. abrdn plc grew its position in Veris Residential by 10.5% during the third quarter. abrdn plc now owns 15,671 shares of the company's stock valued at $280,000 after buying an additional 1,495 shares during the period. Van ECK Associates Corp grew its position in Veris Residential by 12.3% during the third quarter. Van ECK Associates Corp now owns 13,492 shares of the company's stock valued at $235,000 after buying an additional 1,481 shares during the period. GSA Capital Partners LLP bought a new position in Veris Residential during the third quarter worth about $445,000. Finally, Victory Capital Management Inc. boosted its position in Veris Residential by 0.5% during the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company's stock worth $21,440,000 after purchasing an additional 6,421 shares during the period. Institutional investors and hedge funds own 93.04% of the company's stock.
About Veris Residential
(
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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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