Veris Residential (NYSE:VRE) Reaches New 12-Month Low - Here's Why

Key Points

• Veris Residential reached a new 12-month low of $14.02 during mid-day trading, closing slightly higher at $14.05 with a trading volume of 223,554 shares.
• Analysts have mixed opinions on the stock, with ratings varying from "hold" to "buy" and an average price target of $19.20.
• The company recently announced a $0.08 quarterly dividend, leading to a yield of 2.3%, despite a high dividend payout ratio of -139.13%.

Veris Residential, Inc. (NYSE:VRE - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $14.02 and last traded at $14.05, with a volume of 223554 shares trading hands. The stock had previously closed at $14.20.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen raised shares of Veris Residential from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Truist Financial lowered their price target on shares of Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Evercore ISI boosted their price target on shares of Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a research report on Friday, July 25th. Finally, BTIG Research lowered their price target on shares of Veris Residential from $26.00 to $22.00 and set a "buy" rating on the stock in a research report on Wednesday, July 23rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $19.20.

Veris Residential Stock Down 0.8%

The stock's fifty day moving average is $14.81 and its two-hundred day moving average is $15.55. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.47. The firm has a market cap of $1.32 billion, a P/E ratio of -61.22, a price-to-earnings-growth ratio of 2.28 and a beta of 1.21.

Veris Residential (NYSE:VRE - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. The business had revenue of $75.93 million for the quarter, compared to analyst estimates of $69.06 million. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. As a group, research analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, June 30th. Veris Residential's dividend payout ratio is -139.13%.

Institutional Trading of Veris Residential

A number of hedge funds and other institutional investors have recently bought and sold shares of VRE. Exchange Traded Concepts LLC bought a new position in shares of Veris Residential in the 1st quarter worth $810,000. Raymond James Financial Inc. bought a new position in shares of Veris Residential in the 4th quarter worth $1,737,000. New York State Common Retirement Fund increased its holdings in shares of Veris Residential by 13.8% in the 1st quarter. New York State Common Retirement Fund now owns 24,786 shares of the company's stock worth $419,000 after buying an additional 3,000 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Veris Residential by 1,629.2% in the 1st quarter. GAMMA Investing LLC now owns 22,808 shares of the company's stock worth $386,000 after buying an additional 21,489 shares during the last quarter. Finally, Man Group plc bought a new position in shares of Veris Residential in the 4th quarter worth $851,000. 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.

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