Veris Residential, Inc. (NYSE:VRE) Receives Average Rating of "Hold" from Analysts

Key Points

• Veris Residential, Inc. (NYSE:VRE) has received a consensus rating of "Hold" from six brokerages, with four recommending hold and two recommending buy, and an average 12-month price target of $19.20.
• The company reported earnings of $0.17 per share for the last quarter, exceeding expectations, and announced a quarterly dividend of $0.08 per share, which will be paid on October 10th.
• Institutional investors hold 93.04% of Veris Residential's stock, with Prudential Financial and State Street among those increasing their stakes in the company recently.

Shares of Veris Residential, Inc. (NYSE:VRE - Get Free Report) have been given a consensus rating of "Hold" by the six brokerages that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $19.20.

VRE has been the topic of a number of recent analyst reports. Evercore ISI increased their price objective on shares of Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Veris Residential from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Weiss Ratings reissued a "hold (c-)" rating on shares of Veris Residential in a research report on Saturday, September 27th. Finally, 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 report on Wednesday, July 23rd.

Veris Residential Price Performance

Shares of VRE opened at $14.92 on Monday. Veris Residential has a fifty-two week low of $13.69 and a fifty-two week high of $18.85. The firm's 50 day moving average price is $14.99 and its 200 day moving average price is $15.19. The company has a market cap of $1.39 billion, a P/E ratio of -64.85, a PEG ratio of 2.55 and a beta of 1.35. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.47.

Veris Residential (NYSE:VRE - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. The firm had revenue of $75.93 million for the quarter, compared to the consensus estimate of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. On average, research analysts forecast that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Veris Residential Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.1%. Veris Residential's dividend payout ratio is presently -139.13%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Prudential Financial Inc. boosted its holdings in shares of Veris Residential by 9.3% in the 2nd quarter. Prudential Financial Inc. now owns 4,978,947 shares of the company's stock valued at $74,137,000 after buying an additional 423,683 shares in the last quarter. State Street Corp boosted its stake in Veris Residential by 2.5% during the 2nd quarter. State Street Corp now owns 4,729,420 shares of the company's stock worth $70,790,000 after purchasing an additional 115,670 shares during the period. Geode Capital Management LLC boosted its stake in Veris Residential by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,062,170 shares of the company's stock worth $30,709,000 after purchasing an additional 19,919 shares during the period. Nuveen LLC acquired a new stake in Veris Residential during the 1st quarter worth $34,817,000. Finally, Northern Trust Corp raised its position in Veris Residential by 0.9% during the 1st quarter. Northern Trust Corp now owns 1,538,788 shares of the company's stock worth $26,036,000 after buying an additional 13,820 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company's stock.

About Veris Residential

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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