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

Veris Residential (NYSE:VRE - Free Report) had its target price decreased by Truist Financial from $17.00 to $16.00 in a research note issued to investors on Monday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

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

Veris Residential Price Performance

Shares of NYSE VRE traded down $0.09 during trading hours on Monday, hitting $15.54. 440,011 shares of the stock were exchanged, compared to its average volume of 521,216. The company's fifty day simple moving average is $15.97 and its two-hundred day simple moving average is $16.49. The company has a market cap of $1.45 billion, a PE ratio of -91.41, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. Veris Residential has a 1-year low of $13.84 and a 1-year high of $18.85.

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

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were given a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 2.06%. Veris Residential's dividend payout ratio is presently -100.00%.

Institutional Trading of Veris Residential

Hedge funds and other institutional investors have recently made changes to their positions in the company. Natixis Advisors LLC acquired a new stake in Veris Residential during the 1st quarter worth approximately $202,000. Vestcor Inc acquired a new position in shares of Veris Residential during the first quarter worth $1,289,000. XTX Topco Ltd bought a new stake in shares of Veris Residential in the first quarter worth $511,000. GSA Capital Partners LLP increased its holdings in Veris Residential by 106.7% in the first quarter. GSA Capital Partners LLP now owns 117,676 shares of the company's stock valued at $1,991,000 after purchasing an additional 60,755 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Veris Residential during the 1st quarter worth $611,000. 93.04% of the stock is currently owned by 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.