Truist Financial Cuts Veris Residential (NYSE:VRE) Price Target to $16.00

Veris Residential (NYSE:VRE - Get Free Report) had its price target lowered by equities research analysts at Truist Financial from $17.00 to $16.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "hold" rating on the stock.

Separately, Evercore ISI reaffirmed an "in-line" rating and set a $18.00 target price (down previously from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th.

Veris Residential Stock Performance

VRE stock traded down $0.27 during trading on Monday, reaching $16.00. The company had a trading volume of 69,378 shares, compared to its average volume of 485,550. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -94.11, a price-to-earnings-growth ratio of 2.50 and a beta of 1.17. Veris Residential has a twelve month low of $13.84 and a twelve month high of $18.85. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a 50-day simple moving average of $16.07 and a 200-day simple moving average of $16.54.

Veris Residential (NYSE:VRE - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The business had revenue of $67.76 million during the quarter, compared to the consensus estimate of $69.24 million. As a group, sell-side analysts expect that Veris Residential will post 0.61 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Veris Residential by 51.7% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 975,262 shares of the company's stock valued at $16,219,000 after purchasing an additional 332,381 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Veris Residential by 11.7% in the third quarter. JPMorgan Chase & Co. now owns 2,102,857 shares of the company's stock valued at $37,557,000 after buying an additional 219,901 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Veris Residential in the fourth quarter worth about $1,737,000. Asset Management One Co. Ltd. raised its position in shares of Veris Residential by 5.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 122,034 shares of the company's stock worth $2,009,000 after acquiring an additional 6,287 shares during the period. Finally, abrdn plc lifted its position in shares of Veris Residential by 90.3% during the 4th quarter. abrdn plc now owns 29,821 shares of the company's stock valued at $490,000 after buying an additional 14,150 shares in the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.

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.

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