BTIG Research Cuts Veris Residential (NYSE:VRE) Price Target to $22.00

Veris Residential (NYSE:VRE - Get Free Report) had its price objective lowered by stock analysts at BTIG Research from $26.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target would indicate a potential upside of 50.22% from the stock's current price.

Several other brokerages also recently commented on VRE. Truist Financial decreased 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 cut Veris Residential from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. One investment 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. Based on data from MarketBeat, Veris Residential currently has an average rating of "Hold" and an average target price of $19.20.

Veris Residential Price Performance

Shares of NYSE:VRE traded up $0.07 during trading on Wednesday, reaching $14.65. The company had a trading volume of 676,728 shares, compared to its average volume of 494,638. The company has a fifty day moving average of $14.89 and a two-hundred day moving average of $15.58. The stock has a market capitalization of $1.37 billion, a P/E ratio of -63.67, a price-to-earnings-growth ratio of 1.61 and a beta of 1.21. Veris Residential has a 12 month low of $14.12 and a 12 month high of $18.85. 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 (NYSE:VRE - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. 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 for the quarter, compared to the consensus estimate of $69.06 million. Equities research analysts forecast that Veris Residential will post 0.61 earnings per share for the current year.

Institutional Trading of Veris Residential

A number of hedge funds have recently bought and sold shares of VRE. GF Fund Management CO. LTD. purchased a new position in shares of Veris Residential during the 4th quarter worth $25,000. Covestor Ltd increased its holdings in Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company's stock worth $28,000 after acquiring an additional 1,687 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Veris Residential by 824.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company's stock worth $42,000 after acquiring an additional 2,243 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Veris Residential in the 4th quarter worth approximately $45,000. Finally, State of Wyoming purchased a new stake in Veris Residential in the 4th quarter worth approximately $52,000. Hedge funds and other institutional investors 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.