Veris Residential (NYSE:VRE) Reaches New 52-Week High - Still a Buy?

Shares of Veris Residential, Inc. (NYSE:VRE - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $18.78 and last traded at $18.70, with a volume of 5882 shares traded. The stock had previously closed at $18.58.

Analysts Set New Price Targets

A number of research firms recently commented on VRE. Evercore ISI lifted their target price on shares of Veris Residential from $17.00 to $19.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. lifted their target price on shares of Veris Residential from $13.00 to $14.00 and gave the stock an "underweight" rating in a research note on Monday, September 16th. Finally, Bank of America upgraded shares of Veris Residential from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $20.00 to $23.00 in a research note on Tuesday.

Veris Residential Stock Down 1.6 %

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $1.70 billion, a PE ratio of -109.29, a price-to-earnings-growth ratio of 5.17 and a beta of 1.26. The business's 50-day simple moving average is $17.46 and its 200-day simple moving average is $16.21.

Hedge Funds Weigh In On Veris Residential

A number of institutional investors have recently bought and sold shares of VRE. HGI Capital Management LLC increased its holdings in shares of Veris Residential by 21.4% during the 3rd quarter. HGI Capital Management LLC now owns 266,707 shares of the company's stock valued at $4,763,000 after purchasing an additional 47,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Veris Residential by 491.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company's stock valued at $11,013,000 after purchasing an additional 512,406 shares in the last quarter. FMR LLC increased its holdings in shares of Veris Residential by 5,945.2% during the 3rd quarter. FMR LLC now owns 224,278 shares of the company's stock valued at $4,006,000 after purchasing an additional 220,568 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Veris Residential by 2.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 540,653 shares of the company's stock valued at $9,656,000 after purchasing an additional 13,882 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Veris Residential by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company's stock valued at $26,264,000 after purchasing an additional 49,378 shares in the last quarter. 93.04% of the stock is owned by hedge funds and other institutional investors.

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.