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

Veris Residential, Inc. (NYSE:VRE) has been given an average rating of “Hold” by the five research firms that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $19.50.

A number of research firms have weighed in on VRE. Wall Street Zen lowered shares of Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial increased their price target on Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a report on Tuesday, March 24th. Finally, Citigroup lifted their price objective on Veris Residential from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 1st.

Veris Residential Price Performance

Veris Residential stock opened at $18.99 on Thursday. Veris Residential has a 52-week low of $13.69 and a 52-week high of $19.03. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 3.15 and a beta of 1.07. The company has a fifty day simple moving average of $18.92 and a 200-day simple moving average of $16.74. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.10.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.33). The business had revenue of $70.10 million during the quarter, compared to analysts’ expectations of $68.06 million. Veris Residential had a return on equity of 5.34% and a net margin of 24.30%. On average, equities analysts anticipate that Veris Residential will post 0.78 EPS for the current fiscal year.

Veris Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Tuesday, March 31st. Veris Residential’s payout ratio is currently 41.56%.

Institutional Investors Weigh In On Veris Residential

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its holdings in Veris Residential by 26.6% in the 1st quarter. Royal Bank of Canada now owns 17,263 shares of the company’s stock valued at $292,000 after purchasing an additional 3,623 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Veris Residential by 88.8% during the 1st quarter. AQR Capital Management LLC now owns 54,273 shares of the company’s stock worth $911,000 after buying an additional 25,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Veris Residential by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,695 shares of the company’s stock valued at $790,000 after buying an additional 2,064 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Veris Residential by 72.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company’s stock valued at $17,033,000 after acquiring an additional 423,482 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in Veris Residential by 234.4% in the first quarter. Jane Street Group LLC now owns 113,848 shares of the company’s stock valued at $1,926,000 after acquiring an additional 79,802 shares during the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

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.