Veris Residential, Inc. (NYSE:VRE) Given Average Rating of "Hold" by Brokerages

Key Points

• Analysts give Veris Residential a consensus rating of Hold (four holds, one buy) with an average 12‑month price target of $19.50; Citigroup and Truist raised targets to $19 while Wall Street Zen recently downgraded to hold.
• Veris beat quarterly expectations, reporting $0.19 EPS versus $0.16 expected and revenue of $71.31M, and sell‑side analysts forecast roughly 0.61 EPS for the current fiscal year.
• The company declared a quarterly dividend of $0.08 (annualized $0.32, yield 1.7%, DPR 40%) with an ex‑dividend date of March 31; the stock trades near its 52‑week high around $18.91, has a market cap of about $1.77B, and roughly 93% of shares are held by institutions.

Shares of Veris Residential, Inc. (NYSE:VRE - Get Free Report) have earned a consensus rating of "Hold" from the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $19.50.

VRE has been the topic of a number of analyst reports. Citigroup raised their price target on Veris Residential from $16.00 to $19.00 and gave the company a "neutral" rating in a research note on Wednesday. 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 stock 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 note on Saturday, February 28th.

Veris Residential Stock Up 0.2%

NYSE VRE traded up $0.04 on Wednesday, hitting $18.91. 1,491,742 shares of the stock were exchanged, compared to its average volume of 1,556,757. Veris Residential has a fifty-two week low of $13.69 and a fifty-two week high of $18.97. The company has a 50-day moving average price of $17.47 and a 200-day moving average price of $15.78. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.08. The company has a market cap of $1.77 billion, a PE ratio of 23.64, a PEG ratio of 3.26 and a beta of 1.21.

Veris Residential (NYSE:VRE - Get Free Report) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.03. The business had revenue of $71.31 million for the quarter, compared to analyst estimates of $70.85 million. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. Sell-side analysts anticipate that Veris Residential will post 0.61 EPS for the current fiscal year.

Veris Residential Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.7%. The ex-dividend date is Tuesday, March 31st. Veris Residential's dividend payout ratio (DPR) is currently 40.00%.

Hedge Funds Weigh In On Veris Residential

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of Veris Residential by 71.1% in the 4th quarter. GAMMA Investing LLC now owns 1,954 shares of the company's stock valued at $29,000 after purchasing an additional 812 shares during the last quarter. Hantz Financial Services Inc. grew its stake in Veris Residential by 720.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company's stock worth $32,000 after buying an additional 1,872 shares during the last quarter. Covestor Ltd increased its position in Veris Residential by 29.0% during the third quarter. Covestor Ltd now owns 3,270 shares of the company's stock worth $49,000 after buying an additional 736 shares during the period. Quarry LP increased its position in Veris Residential by 746.6% during the third quarter. Quarry LP now owns 4,326 shares of the company's stock worth $66,000 after buying an additional 3,815 shares during the period. Finally, Federation des caisses Desjardins du Quebec lifted its stake in Veris Residential by 21.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company's stock valued at $90,000 after buying an additional 1,078 shares during the last quarter. Hedge funds and other institutional investors own 93.04% of the company's stock.

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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