Citigroup Issues Positive Forecast for Veris Residential (NYSE:VRE) Stock Price

Veris Residential (NYSE:VRE) had its price objective hoisted by Citigroup from $16.00 to $19.00 in a report published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. Truist Financial boosted their price objective on Veris Residential from $15.00 to $19.00 and gave the stock a “hold” rating in a research report on Tuesday, March 24th. Finally, Wall Street Zen downgraded Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.50.

Veris Residential Trading Up 0.2%

Shares of VRE stock opened at $18.91 on Wednesday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 3.24 and a beta of 1.15. Veris Residential has a 52-week low of $13.69 and a 52-week high of $18.97. The company has a 50-day simple moving average of $17.55 and a two-hundred day simple moving average of $15.80.

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

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, March 31st. Veris Residential’s dividend payout ratio is 40.00%.

Institutional Trading of Veris Residential

Several hedge funds have recently made changes to their positions in VRE. Madison International Realty Holdings LLC purchased a new position in shares of Veris Residential during the 3rd quarter valued at $78,875,000. Woodline Partners LP purchased a new stake in Veris Residential in the 3rd quarter worth about $22,504,000. H 2 Credit Manager LP raised its stake in Veris Residential by 27.4% in the 4th quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock valued at $81,435,000 after acquiring an additional 1,175,500 shares during the period. Balyasny Asset Management L.P. raised its stake in Veris Residential by 138.7% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after acquiring an additional 620,708 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Veris Residential during the fourth quarter valued at about $7,720,000. 93.04% of the stock is currently owned by institutional investors.

About Veris Residential

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.