Veris Residential (NYSE:VRE) Issues Earnings Results

Key Points

• Veris Residential reported earnings of $0.20 per share, surpassing the consensus estimate of $0.15, despite facing a negative net margin of 7.84% and a negative return on equity of 1.89%.
• Following the earnings announcement, shares of Veris Residential traded up 2.3%, reaching $14.93, with a market capitalization of $1.39 billion.
• The company recently declared a quarterly dividend of $0.08, with a dividend yield of 2.1%, although it recorded a staggering payout ratio of -139.13%.

Veris Residential (NYSE:VRE - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.05, Zacks reports. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%.

Veris Residential Stock Up 2.3%

Shares of Veris Residential stock traded up $0.34 on Wednesday, hitting $14.93. The company had a trading volume of 492,647 shares, compared to its average volume of 531,451. Veris Residential has a 1 year low of $13.69 and a 1 year high of $18.85. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a 50 day moving average of $15.10 and a 200-day moving average of $15.03. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -64.89, a P/E/G ratio of 2.51 and a beta of 1.35.

Veris Residential Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on VRE. BTIG Research lowered their target price on shares of Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Weiss Ratings reissued a "hold (c-)" rating on shares of Veris Residential in a research report on Wednesday, October 8th. Evercore ISI boosted their price objective on Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a research note on Friday, July 25th. Finally, Wall Street Zen raised Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $19.20.

Institutional Investors Weigh In On Veris Residential

Institutional investors and hedge funds have recently bought and sold shares of the stock. Balyasny Asset Management L.P. raised its stake in shares of Veris Residential by 138.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company's stock worth $15,904,000 after purchasing an additional 620,708 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Veris Residential by 72.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company's stock valued at $17,033,000 after buying an additional 423,482 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in shares of Veris Residential by 62.7% in the second quarter. Qube Research & Technologies Ltd now owns 991,419 shares of the company's stock worth $14,762,000 after acquiring an additional 382,040 shares during the period. Adelante Capital Management LLC boosted its stake in Veris Residential by 19.7% in the 2nd quarter. Adelante Capital Management LLC now owns 737,945 shares of the company's stock worth $10,989,000 after purchasing an additional 121,289 shares during the period. Finally, State Street Corp grew its stake in Veris Residential by 2.5% during the second quarter. State Street Corp now owns 4,729,420 shares of the company's stock valued at $70,790,000 after acquiring an additional 115,670 shares in the last quarter. 93.04% of the stock is owned by hedge funds and other institutional investors.

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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