Veris Residential (NYSE:VRE) Reaches New 1-Year 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%.

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

Analyst Ratings Changes

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

Veris Residential Stock Up 0.8%

The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a 50 day moving average price of $14.78 and a 200 day moving average price of $15.52. The company has a market cap of $1.30 billion, a P/E ratio of -60.74, a P/E/G ratio of 2.15 and a beta of 1.24.

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

Veris Residential Dividend Announcement

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

Institutional Investors Weigh In On Veris Residential

A number of institutional investors and hedge funds have recently modified their holdings of VRE. GF Fund Management CO. LTD. acquired a new stake in shares of Veris Residential during the fourth quarter worth $25,000. Covestor Ltd raised its position in shares of Veris Residential by 11,246.7% during the fourth quarter. Covestor Ltd now owns 1,702 shares of the company's stock worth $28,000 after purchasing an additional 1,687 shares during the period. Sterling Capital Management LLC raised its position in shares of Veris Residential by 824.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,515 shares of the company's stock worth $42,000 after purchasing an additional 2,243 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Veris Residential during the fourth quarter worth $45,000. Finally, State of Wyoming purchased a new position in shares of Veris Residential during the fourth quarter valued at $52,000. 93.04% of the stock is owned by institutional investors and hedge funds.

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.