Veris Residential (NYSE:VRE) Issues Earnings Results

Veris Residential (NYSE:VRE) released its quarterly earnings results on Monday. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03, Zacks reports. Veris Residential had a return on equity of 4.72% and a net margin of 22.09%.The company had revenue of $71.31 million for the quarter, compared to analyst estimates of $70.85 million.

Veris Residential Price Performance

NYSE:VRE opened at $18.86 on Monday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.13. The firm has a fifty day simple moving average of $15.29 and a 200 day simple moving average of $15.06. Veris Residential has a 1-year low of $13.69 and a 1-year high of $18.86. The stock has a market capitalization of $1.76 billion, a PE ratio of 28.13, a P/E/G ratio of 2.60 and a beta of 1.26.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Wall Street Zen raised shares of Veris Residential from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. One investment analyst has rated the stock with a Buy rating and three have issued 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 $18.67.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Quarry LP lifted its holdings in shares of Veris Residential by 746.6% in 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 last quarter. Federation des caisses Desjardins du Quebec boosted its position in Veris Residential by 21.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock valued at $90,000 after buying an additional 1,078 shares in the last quarter. Royal Bank of Canada boosted its position in Veris Residential by 23.3% in the fourth quarter. Royal Bank of Canada now owns 8,279 shares of the company’s stock valued at $123,000 after buying an additional 1,566 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Veris Residential by 307.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,617 shares of the company’s stock worth $128,000 after buying an additional 6,500 shares during the last quarter. Finally, Graham Capital Management L.P. acquired a new position in shares of Veris Residential during the fourth quarter worth $168,000. 93.04% of the stock is currently owned by institutional investors and hedge funds.

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.