Veris Residential (NYSE:VRE) Sees Strong Trading Volume - Time to Buy?

Key Points

• Veris Residential's stock last traded at $14.04 after experiencing a 14% decline in trading volume from the previous session.
• Analyst ratings for Veris Residential indicate a consensus rating of "Hold" with a target price of $19.20, following multiple price adjustments from various research firms.
• The company reported an earnings per share (EPS) of $0.17, exceeding expectations, along with a quarterly dividend of $0.08 per share, reflecting an annualized yield of 2.3%.

Veris Residential, Inc. (NYSE:VRE - Get Free Report) shares saw an uptick in trading volume on Tuesday . 458,686 shares traded hands during trading, a decline of 14% from the previous session's volume of 530,827 shares.The stock last traded at $14.04 and had previously closed at $13.84.

Analyst Ratings Changes

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

Veris Residential Stock Up 0.9%

The company has a market capitalization of $1.33 billion, a P/E ratio of -61.87, a PEG ratio of 2.15 and a beta of 1.24. The firm has a 50-day moving average price of $14.77 and a two-hundred day moving average price of $15.50. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.47.

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

Veris Residential Announces Dividend

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

Institutional Trading of Veris Residential

Hedge funds and other institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. bought a new position in Veris Residential during the fourth quarter worth about $25,000. Covestor Ltd lifted its stake in Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company's stock valued at $28,000 after acquiring an additional 1,687 shares in the last quarter. Sterling Capital Management LLC boosted its position in Veris Residential by 824.6% during 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 during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Veris Residential during the 4th quarter worth approximately $45,000. Finally, State of Wyoming bought a new position in shares of Veris Residential during the 4th quarter worth approximately $52,000. 93.04% of the stock is currently owned by institutional investors and hedge funds.

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.

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