Veris Residential (NYSE:VRE) Upgraded by JPMorgan Chase & Co. to "Neutral" Rating

Veris Residential (NYSE:VRE - Get Free Report) was upgraded by investment analysts at JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating in a report issued on Tuesday, Marketbeat reports. The brokerage presently has a $17.00 price objective on the stock, up from their previous price objective of $14.00. JPMorgan Chase & Co.'s target price would suggest a potential downside of 3.00% from the stock's previous close.

Several other equities analysts also recently commented on VRE. Evercore ISI boosted their target price on shares of Veris Residential from $17.00 to $19.00 and gave the stock an "outperform" rating in a report on Wednesday, August 28th. Bank of America raised shares of Veris Residential from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $20.00 to $23.00 in a report on Tuesday, November 12th.

Veris Residential Price Performance

NYSE:VRE traded up $0.02 during trading hours on Tuesday, hitting $17.53. 429,332 shares of the stock traded hands, compared to its average volume of 580,424. 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. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -102.94, a price-to-earnings-growth ratio of 2.91 and a beta of 1.27. The stock has a 50 day moving average price of $17.60 and a 200 day moving average price of $16.68.

Hedge Funds Weigh In On Veris Residential

Several hedge funds and other institutional investors have recently bought and sold shares of VRE. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Veris Residential by 3.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,485 shares of the company's stock worth $1,357,000 after buying an additional 2,949 shares during the period. Louisiana State Employees Retirement System increased its holdings in Veris Residential by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company's stock worth $608,000 after buying an additional 800 shares during the period. Easterly Investment Partners LLC increased its holdings in Veris Residential by 22.3% in the 2nd quarter. Easterly Investment Partners LLC now owns 132,696 shares of the company's stock worth $1,990,000 after buying an additional 24,181 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Veris Residential by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 751,050 shares of the company's stock worth $11,266,000 after purchasing an additional 5,012 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Veris Residential by 57.1% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,966 shares of the company's stock worth $254,000 after purchasing an additional 6,168 shares during the period. Institutional investors and hedge funds 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.