Veris Residential (NYSE:VRE) Reaches New 12-Month High – Still a Buy?

Veris Residential, Inc. (NYSE:VRE) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.91 and last traded at $18.90, with a volume of 75080 shares trading hands. The stock had previously closed at $18.87.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on VRE shares. Wall Street Zen downgraded Veris Residential from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Veris Residential has a consensus rating of “Hold” and an average price target of $18.67.

Veris Residential Stock Up 0.0%

The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68. The firm’s 50 day moving average price is $16.50 and its two-hundred day moving average price is $15.52. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of 23.59, a P/E/G ratio of 3.32 and a beta of 1.20.

Veris Residential (NYSE:VRE) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. The firm had revenue of $71.31 million during the quarter, compared to the consensus estimate of $70.85 million. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%. As a group, sell-side analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share 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 paid a $0.08 dividend. 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 payout ratio is currently 40.00%.

Institutional Trading of Veris Residential

Hedge funds have recently made changes to their positions in the company. Centerpoint Advisors LLC acquired a new stake in shares of Veris Residential in the 3rd quarter valued at approximately $1,110,000. APG Asset Management US Inc. raised its position in Veris Residential by 107.1% in the third quarter. APG Asset Management US Inc. now owns 696,155 shares of the company’s stock worth $10,463,000 after acquiring an additional 360,031 shares in the last quarter. DigitalBridge Group Inc. boosted its position in shares of Veris Residential by 16.0% during the 2nd quarter. DigitalBridge Group Inc. now owns 818,694 shares of the company’s stock worth $12,190,000 after purchasing an additional 112,700 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Veris Residential by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,374,440 shares of the company’s stock worth $36,091,000 after purchasing an additional 501,725 shares during the period. Finally, Boothbay Fund Management LLC increased its holdings in shares of Veris Residential by 59.5% in the 3rd quarter. Boothbay Fund Management LLC now owns 778,037 shares of the company’s stock valued at $11,826,000 after purchasing an additional 290,169 shares in the last quarter. Institutional investors and hedge funds 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.