Evercore ISI Boosts Veris Residential (NYSE:VRE) Price Target to $18.00

Key Points

• Evercore ISI raised its price target for Veris Residential (NYSE:VRE) from $17.50 to $18.00, suggesting a potential upside of 23.67% from its last close.
• Other analysts have mixed views, with Truist Financial lowering its target to $16.00 and Wall Street Zen downgrading VRE from a "hold" to a "sell" rating.
• Veris Residential recently reported earnings of $0.17 per share, outperforming the consensus estimate of $0.14, alongside a revenue figure of $75.93 million.
• Institutional investors hold a significant stake in Veris Residential, owning approximately 93.04% of the company's stock.

Veris Residential (NYSE:VRE - Free Report) had its price objective upped by Evercore ISI from $17.50 to $18.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an in-line rating on the stock.

A number of other research firms also recently issued reports on VRE. BTIG Research dropped their price objective on shares of Veris Residential from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Wednesday. Wall Street Zen cut shares of Veris Residential from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Finally, Truist Financial cut their target price on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $19.20.

Veris Residential Trading Up 0.4%

Shares of NYSE VRE traded up $0.07 during trading hours on Friday, hitting $14.65. The company's stock had a trading volume of 676,728 shares, compared to its average volume of 499,467. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.56 and a current ratio of 0.61. Veris Residential has a 12 month low of $14.12 and a 12 month high of $18.85. The business has a 50-day simple moving average of $14.87 and a 200-day simple moving average of $15.58. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -63.67, a P/E/G ratio of 1.58 and a beta of 1.21.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. The firm had revenue of $75.93 million during the quarter, compared to the consensus estimate of $69.06 million. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. On average, analysts anticipate that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 2.19%. Veris Residential's payout ratio is -139.13%.

Institutional Investors Weigh In On Veris Residential

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Veris Residential by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,631 shares of the company's stock valued at $742,000 after acquiring an additional 1,465 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in Veris Residential in the 4th quarter valued at about $25,000. Covestor Ltd lifted its holdings in Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company's stock valued at $28,000 after acquiring an additional 1,687 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Veris Residential by 1.8% during the second quarter. Public Employees Retirement System of Ohio now owns 116,661 shares of the company's stock valued at $1,737,000 after buying an additional 2,079 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in shares of Veris Residential by 824.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company's stock valued at $42,000 after purchasing an additional 2,243 shares during the period. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Company Profile

Veris Residential, Inc is a forward-thinking, environmentally and socially conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large.