Veris Residential (NYSE:VRE) Downgraded to "Sell" Rating by Wall Street Zen

Wall Street Zen downgraded shares of Veris Residential (NYSE:VRE - Free Report) from a hold rating to a sell rating in a research note published on Saturday.

A number of other brokerages have also recently issued reports on VRE. Evercore ISI reaffirmed an "in-line" rating and issued a $18.00 price objective (down previously from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Truist Financial cut their price target on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating for the company in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $18.50.

Veris Residential Price Performance

Shares of VRE traded up $0.03 during midday trading on Friday, reaching $15.02. The stock had a trading volume of 1,114,676 shares, compared to its average volume of 490,185. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.38. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -46.92, a price-to-earnings-growth ratio of 1.68 and a beta of 1.23. The company's 50-day moving average is $15.34 and its 200 day moving average is $15.95. Veris Residential has a 12-month low of $14.12 and a 12-month high of $18.85.

Veris Residential (NYSE:VRE - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. Veris Residential had a negative return on equity of 2.62% and a negative net margin of 11.02%. The business had revenue of $67.76 million during the quarter, compared to analyst estimates of $69.24 million. On average, equities analysts predict that Veris Residential will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, June 30th. Veris Residential's dividend payout ratio is -100.00%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in VRE. Vanguard Group Inc. grew its holdings in Veris Residential by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company's stock worth $211,157,000 after acquiring an additional 331,354 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Veris Residential by 2.6% during the fourth quarter. Nuveen Asset Management LLC now owns 2,149,233 shares of the company's stock worth $35,742,000 after purchasing an additional 53,564 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Veris Residential by 1.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,124,570 shares of the company's stock worth $35,332,000 after purchasing an additional 21,713 shares during the last quarter. Nuveen LLC purchased a new position in Veris Residential during the 1st quarter valued at about $34,817,000. Finally, Millennium Management LLC increased its holdings in Veris Residential by 10.5% during the 4th quarter. Millennium Management LLC now owns 2,024,921 shares of the company's stock valued at $33,674,000 after purchasing an additional 192,116 shares during the period. 93.04% of the stock is owned by hedge funds and other institutional investors.

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.