Veris Residential (NYSE:VRE) Sets New 12-Month High – Here’s What Happened

Shares of Veris Residential, Inc. (NYSE:VRE) hit a new 52-week high during trading on Monday . The stock traded as high as $19.03 and last traded at $18.9150, with a volume of 108827 shares trading hands. The stock had previously closed at $18.95.

Analysts Set New Price Targets

VRE has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Truist Financial raised their target price on shares of Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a research note on Tuesday, March 24th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. Finally, Citigroup raised their target price on shares of Veris Residential from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Veris Residential currently has an average rating of “Hold” and a consensus target price of $19.50.

Veris Residential Stock Down 0.1%

The company has a market capitalization of $1.77 billion, a PE ratio of 23.63, a PEG ratio of 3.26 and a beta of 1.15. The company’s 50 day moving average is $17.88 and its two-hundred day moving average is $15.90. 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 posted its earnings results on Monday, February 23rd. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.03. The company had revenue of $71.31 million during the quarter, compared to analysts’ expectations of $70.85 million. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. On average, analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

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

Hedge Funds Weigh In On Veris Residential

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew 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 buying an additional 812 shares in the last quarter. Hantz Financial Services Inc. grew its stake in shares of Veris Residential by 720.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after buying an additional 1,872 shares in the last quarter. Covestor Ltd grew its stake in shares of Veris Residential by 29.0% in the 3rd quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after buying an additional 736 shares in the last quarter. Quarry LP grew its stake in shares of Veris Residential by 746.6% in the 3rd quarter. Quarry LP now owns 4,326 shares of the company’s stock worth $66,000 after buying an additional 3,815 shares in 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. 93.04% of the stock is owned by hedge funds and other 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.