Veris Residential (NYSE:VRE) Rating Lowered to Hold at Wall Street Zen

Veris Residential (NYSE:VRE) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Veris Residential has an average rating of “Hold” and a consensus target price of $18.67.

Veris Residential Price Performance

Shares of Veris Residential stock opened at $18.86 on Friday. The stock’s 50-day simple moving average is $15.70 and its 200-day simple moving average is $15.22. Veris Residential has a 52 week low of $13.69 and a 52 week high of $18.89. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 3.31 and a beta of 1.20. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.08.

Veris Residential (NYSE:VRE) last released its earnings results on Monday, February 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. The firm had revenue of $71.31 million during the quarter, compared to analysts’ expectations of $70.85 million. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%. As a group, analysts expect that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Veris Residential

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of Veris Residential by 71.1% during the 4th quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock worth $29,000 after acquiring an additional 812 shares in the last quarter. Hantz Financial Services Inc. increased its position in Veris Residential by 720.0% in the third quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after purchasing an additional 1,872 shares during the last quarter. Covestor Ltd raised its stake in Veris Residential by 29.0% during the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock valued at $49,000 after purchasing an additional 736 shares in the last quarter. Quarry LP lifted its position in Veris Residential by 746.6% during the third quarter. Quarry LP now owns 4,326 shares of the company’s stock valued at $66,000 after purchasing an additional 3,815 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec grew its stake in shares of Veris Residential by 21.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock worth $90,000 after buying an additional 1,078 shares in the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Company Profile

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.