Veris Residential (NYSE:VRE) Price Target Raised to $17.00

Veris Residential (NYSE:VRE) had its target price raised by Truist Financial from $16.00 to $17.00 in a report published on Monday,Benzinga reports. The firm currently has a hold rating on the stock.

Several other equities research analysts also recently issued reports on the company. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $23.00 in a report on Tuesday, November 12th. JPMorgan Chase & Co. upgraded shares of Veris Residential from an “underweight” rating to a “neutral” rating and upped their target price for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th. Finally, Evercore ISI reaffirmed an “in-line” rating and set a $18.00 price target (down previously from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th.

Veris Residential Price Performance

Shares of NYSE VRE opened at $16.12 on Monday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. Veris Residential has a 1-year low of $13.84 and a 1-year high of $18.85. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -94.82, a PEG ratio of 2.50 and a beta of 1.24. The business has a 50-day moving average of $16.06 and a 200-day moving average of $16.97.

Veris Residential (NYSE:VRE) last released its quarterly earnings results on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The company had revenue of $68.08 million during the quarter, compared to analysts’ expectations of $66.98 million. On average, equities analysts anticipate that Veris Residential will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Monday, March 31st. Veris Residential’s dividend payout ratio (DPR) is presently -133.33%.

Institutional Investors Weigh In On Veris Residential

Several institutional investors and hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp lifted its holdings in shares of Veris Residential by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 13,492 shares of the company’s stock worth $235,000 after purchasing an additional 1,481 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in Veris Residential in the third quarter worth $445,000. Victory Capital Management Inc. lifted its stake in Veris Residential by 0.5% in the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock valued at $21,440,000 after buying an additional 6,421 shares during the last quarter. Natixis Advisors LLC acquired a new position in shares of Veris Residential during the third quarter valued at $203,000. Finally, Quest Partners LLC grew its position in shares of Veris Residential by 302.8% during the third quarter. Quest Partners LLC now owns 60,842 shares of the company’s stock worth $1,087,000 after acquiring an additional 45,737 shares during the last quarter. 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.