Veris Residential (NYSE:VRE) Sees Unusually-High Trading Volume – Here’s What Happened

Veris Residential, Inc. (NYSE:VRE) shares saw an uptick in trading volume on Friday . 1,783,451 shares changed hands during mid-day trading, an increase of 13% from the previous session’s volume of 1,573,677 shares.The stock last traded at $18.8450 and had previously closed at $18.84.

Analyst Ratings Changes

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

Veris Residential Stock Performance

The company has a market cap of $1.76 billion, a price-to-earnings ratio of 23.59, a P/E/G ratio of 3.31 and a beta of 1.21. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08. The stock’s 50 day moving average price is $16.81 and its 200 day moving average price is $15.61.

Veris Residential (NYSE:VRE) last released its earnings results 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. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. The business had revenue of $71.31 million for the quarter, compared to analysts’ expectations of $70.85 million. On average, analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current fiscal year.

Veris Residential Dividend Announcement

The company also recently announced 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 annualized dividend 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 40.00%.

Institutional Investors Weigh In On Veris Residential

Institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC increased its stake in Veris Residential by 42.0% during the fourth quarter. Hsbc Holdings PLC now owns 191,450 shares of the company’s stock worth $2,851,000 after acquiring an additional 56,666 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Veris Residential by 12.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 69,975 shares of the company’s stock worth $1,041,000 after purchasing an additional 7,776 shares during the period. Inspire Investing LLC increased its position in Veris Residential by 5.2% during the 4th quarter. Inspire Investing LLC now owns 31,331 shares of the company’s stock worth $466,000 after purchasing an additional 1,537 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Veris Residential during the 4th quarter worth approximately $8,968,000. Finally, Boothbay Fund Management LLC raised its holdings in Veris Residential by 22.1% in the fourth quarter. Boothbay Fund Management LLC now owns 949,833 shares of the company’s stock valued at $14,134,000 after buying an additional 171,796 shares during the period. 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.