Veris Residential (NYSE:VRE) Posts Earnings Results, Beats Expectations By $0.03 EPS

Veris Residential (NYSE:VRE - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.03, Zacks reports. Veris Residential had a negative return on equity of 1.88% and a negative net margin of 7.84%. The business had revenue of $75.93 million during the quarter, compared to analysts' expectations of $69.06 million. Veris Residential updated its FY 2025 guidance to 0.630-0.640 EPS.

Veris Residential Stock Up 0.5%

NYSE:VRE traded up $0.08 during mid-day trading on Friday, hitting $14.66. The company had a trading volume of 289,617 shares, compared to its average volume of 491,726. The business has a fifty day simple moving average of $14.89 and a 200-day simple moving average of $15.58. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.38. Veris Residential has a 1 year low of $14.12 and a 1 year high of $18.85. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -63.74, a PEG ratio of 1.61 and a beta of 1.21.

Veris Residential Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.18%. The ex-dividend date was Monday, June 30th. Veris Residential's dividend payout ratio (DPR) is currently -100.00%.

Institutional Trading of Veris Residential

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. BTIG Research decreased their price target on Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a report on Wednesday. Truist Financial dropped their target price on Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Wall Street Zen downgraded shares of Veris Residential from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Finally, Evercore ISI upped their price target on Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Veris Residential presently has an average rating of "Hold" and an average target price 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.