Veris Residential (NYSE:VRE) Upgraded at Bank of America

Bank of America upgraded shares of Veris Residential (NYSE:VRE - Free Report) from a neutral rating to a buy rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $23.00 price objective on the stock, up from their previous price objective of $20.00.

A number of other equities research analysts have also commented on VRE. Evercore ISI upped their price target on Veris Residential from $17.00 to $19.00 and gave the company an "outperform" rating in a research report 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.

Veris Residential Trading Up 1.3 %

Shares of NYSE:VRE traded up $0.23 during midday trading on Tuesday, hitting $18.32. 478,942 shares of the stock were exchanged, compared to its average volume of 597,629. The business's 50-day moving average price is $17.42 and its 200 day moving average price is $16.16. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of -106.41, a P/E/G ratio of 5.13 and a beta of 1.26. Veris Residential has a 12 month low of $13.27 and a 12 month high of $18.70. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in VRE. Vanguard Group Inc. grew its holdings in Veris Residential by 0.7% during the first quarter. Vanguard Group Inc. now owns 12,439,064 shares of the company's stock worth $189,198,000 after buying an additional 88,634 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Veris Residential by 3.5% in 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 during the period. Victory Capital Management Inc. increased its position in shares of Veris Residential by 0.5% in 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 last quarter. Dimensional Fund Advisors LP lifted its stake in Veris Residential by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company's stock worth $17,217,000 after purchasing an additional 65,180 shares during the last quarter. Finally, DigitalBridge Group Inc. purchased a new stake in shares of Veris Residential in the 2nd quarter valued at $13,673,000. 93.04% of the stock is owned by institutional investors and hedge funds.

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.