Veris Residential (NYSE:VRE) Announces Earnings Results, Beats Estimates By $0.03 EPS

Veris Residential (NYSE:VRE - Get Free Report) released its earnings results on Wednesday. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.03, Zacks reports. 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 analyst estimates of $69.06 million. Veris Residential updated its FY 2025 guidance to 0.630-0.640 EPS.

Veris Residential Stock Up 0.4%

Veris Residential stock traded up $0.07 during mid-day trading on Friday, hitting $14.65. The company had a trading volume of 676,728 shares, compared to its average volume of 486,991. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.47. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -63.67, a PEG ratio of 1.58 and a beta of 1.21. The business has a fifty day moving average of $14.87 and a 200 day moving average of $15.58. Veris Residential has a 1 year low of $14.12 and a 1 year high of $18.85.

Veris Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Monday, June 30th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 2.19%. Veris Residential's dividend payout ratio is currently -139.13%.

Hedge Funds Weigh In On Veris Residential

A number of hedge funds have recently modified their holdings of VRE. Royal Bank of Canada grew its position in shares of Veris Residential by 26.6% during the first quarter. Royal Bank of Canada now owns 17,263 shares of the company's stock worth $292,000 after acquiring an additional 3,623 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Veris Residential by 88.8% during the first quarter. AQR Capital Management LLC now owns 54,273 shares of the company's stock worth $911,000 after acquiring an additional 25,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Veris Residential by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,695 shares of the company's stock worth $790,000 after acquiring an additional 2,064 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Veris Residential by 72.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company's stock worth $17,033,000 after acquiring an additional 423,482 shares during the last quarter. Finally, Jane Street Group LLC grew its position in shares of Veris Residential by 234.4% during the first quarter. Jane Street Group LLC now owns 113,848 shares of the company's stock worth $1,926,000 after acquiring an additional 79,802 shares during the last quarter. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on VRE. Truist Financial cut their target price on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Wall Street Zen upgraded shares of Veris Residential from a "sell" rating to a "hold" rating in a research note on Saturday. BTIG Research cut their target price 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. Finally, Evercore ISI upped their target price on shares of Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $19.20.

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.