Brokerages Set Veris Residential, Inc. (NYSE:VRE) PT at $19.50

Veris Residential, Inc. (NYSE:VRE) has earned a consensus recommendation of “Hold” from the five analysts that are currently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $19.50.

VRE has been the topic of several research analyst reports. 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. Truist Financial increased their price target on Veris Residential from $15.00 to $19.00 and gave the stock a “hold” rating in a report on Tuesday, March 24th. Finally, Citigroup raised their price objective on shares of Veris Residential from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 1st.

Hedge Funds Weigh In On Veris Residential

Several institutional investors have recently made changes to their positions in VRE. Madison International Realty Holdings LLC acquired a new position in Veris Residential during the 3rd quarter worth approximately $78,875,000. Woodline Partners LP bought a new position in shares of Veris Residential in the 3rd quarter worth $22,504,000. H 2 Credit Manager LP lifted its holdings in shares of Veris Residential by 27.4% in the 4th quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock worth $81,435,000 after purchasing an additional 1,175,500 shares in the last quarter. Balyasny Asset Management L.P. grew its position in Veris Residential by 138.7% in 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 period. Finally, SG Americas Securities LLC acquired a new stake in Veris Residential in the 4th quarter valued at $7,720,000. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Price Performance

Shares of NYSE VRE opened at $18.95 on Wednesday. The company has a market capitalization of $1.77 billion, a PE ratio of 23.68, a P/E/G ratio of 3.26 and a beta of 1.15. 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 twelve month low of $13.69 and a twelve month high of $18.97. The firm has a fifty day simple moving average of $17.72 and a 200 day simple moving average of $15.85.

Veris Residential (NYSE:VRE) last issued its quarterly earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates 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, sell-side analysts forecast that Veris Residential will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.32 annualized dividend and a yield of 1.7%. Veris Residential’s dividend payout ratio is currently 40.00%.

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.