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

Veris Residential (NYSE:VRE) had its price target upped by equities researchers at JPMorgan Chase & Co. from $13.00 to $14.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 21.96% from the stock’s previous close.

A number of other analysts have also commented on VRE. Evercore ISI boosted their price objective on shares of Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Truist Financial decreased their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, June 24th.

Veris Residential Trading Down 0.3 %

Shares of NYSE:VRE traded down $0.05 during mid-day trading on Monday, reaching $17.94. The stock had a trading volume of 73,082 shares, compared to its average volume of 642,098. The firm has a market cap of $1.66 billion, a PE ratio of -17.92, a price-to-earnings-growth ratio of 6.67 and a beta of 1.25. The firm has a 50 day simple moving average of $16.33 and a two-hundred day simple moving average of $15.39. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.33. Veris Residential has a twelve month low of $13.06 and a twelve month high of $18.15.

Veris Residential (NYSE:VRE) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11). Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. The business had revenue of $67.48 million during the quarter, compared to the consensus estimate of $67.73 million. During the same quarter last year, the company earned $0.16 earnings per share. On average, research analysts predict that Veris Residential will post 0.54 EPS for the current fiscal year.

Insider Activity

In related news, CEO Mahbod Nia purchased 35,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was acquired at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the purchase, the chief executive officer now owns 380,869 shares in the company, valued at approximately $5,454,044.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Mahbod Nia acquired 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average cost of $14.32 per share, with a total value of $501,200.00. Following the completion of the purchase, the chief executive officer now directly owns 380,869 shares of the company’s stock, valued at approximately $5,454,044.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nori Gerardo Lietz bought 10,000 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were acquired at an average price of $14.31 per share, with a total value of $143,100.00. Following the completion of the purchase, the director now directly 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 currently owned by company insiders.

Hedge Funds Weigh In On Veris Residential

Several institutional investors and hedge funds have recently added to or reduced their stakes in VRE. Daiwa Securities Group Inc. increased its holdings in shares of Veris Residential by 1,983.4% during the first quarter. Daiwa Securities Group Inc. now owns 507,104 shares of the company’s stock worth $7,713,000 after buying an additional 482,764 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Veris Residential during the fourth quarter valued at about $2,956,000. Tidal Investments LLC grew its holdings in shares of Veris Residential by 268.8% during the first quarter. Tidal Investments LLC now owns 50,959 shares of the company’s stock worth $775,000 after purchasing an additional 37,141 shares during the last quarter. Easterly Investment Partners LLC bought a new position in Veris Residential in the 1st quarter valued at approximately $1,651,000. Finally, Van ECK Associates Corp boosted its position in Veris Residential by 5.8% during the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after buying an additional 663 shares during the period. Institutional investors own 93.04% of the company’s stock.

About Veris Residential

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.