Truist Financial Forecasts Strong Price Appreciation for Veris Residential (NYSE:VRE) Stock

Veris Residential (NYSE:VRE) had its target price upped by research analysts at Truist Financial from $15.00 to $19.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential upside of 0.40% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Wall Street Zen lowered shares of Veris Residential from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Veris Residential in a research 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 presently has an average rating of “Hold” and an average target price of $19.67.

Veris Residential Trading Up 0.1%

Shares of VRE stock opened at $18.93 on Tuesday. The company has a 50 day moving average of $17.14 and a 200-day moving average of $15.70. 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 has a 12-month low of $13.69 and a 12-month high of $18.97. The firm has a market cap of $1.77 billion, a P/E ratio of 23.66, a PEG ratio of 3.25 and a beta of 1.21.

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 business had revenue of $71.31 million for 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%. Sell-side analysts anticipate that Veris Residential will post 0.61 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Madison International Realty Holdings LLC purchased a new stake in Veris Residential during the third quarter valued at about $78,875,000. Woodline Partners LP purchased a new position in shares of Veris Residential in the 3rd quarter worth about $22,504,000. H 2 Credit Manager LP increased its position in shares of Veris Residential by 27.4% during the 4th quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock valued at $81,435,000 after purchasing an additional 1,175,500 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of Veris Residential by 138.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after purchasing an additional 620,708 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Veris Residential during the 4th quarter valued at about $7,720,000. 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.