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

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

Several brokerages have issued reports on VRE. 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 note on Wednesday. Truist Financial reduced their price target on Veris Residential from $17.00 to $16.00 and set a "hold" rating for the company in a report on Monday, May 5th. Wall Street Zen raised Veris Residential from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Evercore ISI raised their price target on Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a report on Friday.

Veris Residential Stock Performance

VRE stock traded up $0.07 on Wednesday, hitting $14.65. The company's stock had a trading volume of 676,728 shares, compared to its average volume of 499,467. The firm has a 50 day moving average of $14.87 and a two-hundred day moving average of $15.58. Veris Residential has a 1 year low of $14.12 and a 1 year high of $18.85. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -63.67, a price-to-earnings-growth ratio of 1.57 and a beta of 1.21. The company has a current ratio of 0.61, a quick ratio of 0.56 and a debt-to-equity ratio of 1.47.

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

Veris Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were given 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 is presently -139.13%.

Institutional Investors Weigh In On Veris Residential

A number of large investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new stake in Veris Residential during the fourth quarter valued at approximately $25,000. Covestor Ltd raised its stake in Veris Residential by 11,246.7% during the fourth quarter. Covestor Ltd now owns 1,702 shares of the company's stock valued at $28,000 after buying an additional 1,687 shares in the last quarter. Sterling Capital Management LLC raised its stake in Veris Residential by 824.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,515 shares of the company's stock valued at $42,000 after buying an additional 2,243 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Veris Residential during the fourth quarter valued at approximately $45,000. Finally, State of Wyoming acquired a new stake in Veris Residential during the fourth quarter valued at approximately $52,000. 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.