Veris Residential, Inc. (NYSE:VRE) Receives Consensus Rating of “Hold” from Analysts

Veris Residential, Inc. (NYSE:VRE) has been assigned a consensus recommendation of “Hold” from the five analysts that are covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $19.50.

Several equities research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Citigroup upped their price objective on Veris Residential from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday. Truist Financial increased 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, Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th.

Veris Residential Stock Performance

VRE stock traded up $0.04 on Wednesday, hitting $18.91. The company’s stock had a trading volume of 1,491,742 shares, compared to its average volume of 1,556,757. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 3.26 and a beta of 1.21. The firm has a 50 day moving average of $17.47 and a two-hundred day moving average of $15.78. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08. Veris Residential has a 1 year low of $13.69 and a 1 year high of $18.97.

Veris Residential (NYSE:VRE) last issued its quarterly earnings data 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 company had revenue of $71.31 million for the quarter, compared to the consensus estimate of $70.85 million. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. Equities analysts predict 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. Investors of record on Tuesday, March 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Tuesday, March 31st. Veris Residential’s dividend payout ratio (DPR) is 40.00%.

Hedge Funds Weigh In On Veris Residential

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of Veris Residential by 71.1% in 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 during the period. Hantz Financial Services Inc. boosted its holdings in shares of Veris Residential by 720.0% in the third quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock valued at $32,000 after acquiring an additional 1,872 shares in the last quarter. Covestor Ltd increased its stake in shares of Veris Residential by 29.0% during the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after acquiring an additional 736 shares during the period. Quarry LP increased its stake in shares of Veris Residential by 746.6% during the third quarter. Quarry LP now owns 4,326 shares of the company’s stock worth $66,000 after acquiring an additional 3,815 shares during the period. Finally, Federation des caisses Desjardins du Quebec raised its holdings in Veris Residential by 21.8% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock worth $90,000 after purchasing 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.