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

Key Points

• Citigroup raised its price target on Veris Residential to $19 from $16 while keeping a "neutral" rating, a move that implies only about a 0.47% upside from the stock's current level.
• The consensus among analysts is a Hold with an average target around $19.50, and VRE is trading near its 52‑week high (about $18.91 vs a $18.97 high).
• Veris posted a modest EPS and revenue beat for the quarter ($0.19 vs $0.16 expected) amid significant institutional buying — 93.04% of shares are held by institutions, including large increases from Goldman Sachs and others.

Veris Residential (NYSE:VRE - Get Free Report) had its price target raised by investment analysts at Citigroup from $16.00 to $19.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's target price suggests a potential upside of 0.47% from the stock's current price.

VRE has been the topic of several other reports. Weiss Ratings reiterated a "hold (c-)" rating on shares of Veris Residential in a report on Monday, December 29th. Truist Financial raised their target price on Veris Residential from $15.00 to $19.00 and gave the company a "hold" rating in a research report on Tuesday, March 24th. Finally, Wall Street Zen cut Veris Residential from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $19.50.

Veris Residential Price Performance

VRE traded up $0.04 during midday trading on Wednesday, hitting $18.91. 1,491,740 shares of the company traded hands, compared to its average volume of 1,556,757. 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 company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 3.26 and a beta of 1.21. Veris Residential has a 52-week low of $13.69 and a 52-week high of $18.97. The business has a 50 day simple moving average of $17.47 and a two-hundred day simple moving average of $15.78.

Veris Residential (NYSE:VRE - Get Free Report) last released its earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $70.85 million. On average, equities analysts forecast that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in Veris Residential by 26.6% in the first quarter. Royal Bank of Canada now owns 17,263 shares of the company's stock valued at $292,000 after acquiring an additional 3,623 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Veris Residential by 88.8% during the 1st quarter. AQR Capital Management LLC now owns 54,273 shares of the company's stock worth $911,000 after purchasing an additional 25,520 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Veris Residential by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,695 shares of the company's stock worth $790,000 after purchasing an additional 2,064 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Veris Residential by 72.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company's stock worth $17,033,000 after purchasing an additional 423,482 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in Veris Residential by 234.4% in the 1st quarter. Jane Street Group LLC now owns 113,848 shares of the company's stock valued at $1,926,000 after buying an additional 79,802 shares during the period. 93.04% of the stock is currently owned by institutional investors and hedge funds.

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.

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