Evercore ISI Raises 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 target price boosted by Evercore ISI from $17.50 to $18.00 in a research report report published on Friday morning,Benzinga reports. They currently have an in-line rating on the stock.

Other analysts have also issued reports about the stock. Wall Street Zen lowered shares of Veris Residential from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. BTIG Research lowered their price target on Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Finally, Truist Financial dropped their price objective on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $19.20.

Veris Residential Trading Up 1.9%

NYSE:VRE traded up $0.28 during midday trading on Friday, hitting $14.63. 144,160 shares of the company traded hands, compared to its average volume of 492,388. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.47. The firm's fifty day moving average is $14.84 and its 200-day moving average is $15.57. The firm has a market capitalization of $1.37 billion, a P/E ratio of -63.60, a P/E/G ratio of 1.58 and a beta of 1.21. Veris Residential has a 12-month low of $14.12 and a 12-month high of $18.85.

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

Veris Residential Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Veris Residential by 229.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 36,948 shares of the company's stock worth $550,000 after acquiring an additional 25,746 shares in the last quarter. CWM LLC raised its holdings in Veris Residential by 925.9% in the 2nd quarter. CWM LLC now owns 7,017 shares of the company's stock worth $104,000 after purchasing an additional 6,333 shares during the period. Inspire Investing LLC boosted its position in Veris Residential by 29.8% during the second quarter. Inspire Investing LLC now owns 26,399 shares of the company's stock worth $393,000 after purchasing an additional 6,053 shares in the last quarter. Aberdeen Group plc boosted its position in Veris Residential by 13.0% during the second quarter. Aberdeen Group plc now owns 23,972 shares of the company's stock worth $357,000 after purchasing an additional 2,763 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Veris Residential by 5.0% in the second quarter. State of Alaska Department of Revenue now owns 86,550 shares of the company's stock valued at $1,287,000 after purchasing an additional 4,112 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 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.