Veris Residential (NYSE:VRE) Sees Unusually-High Trading Volume - What's Next?

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) saw unusually-high trading volume on Tuesday . Approximately 458,686 shares changed 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.

Wall Street Analyst Weigh In

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

Veris Residential Trading Down 2.1%

The company has a debt-to-equity ratio of 1.47, a current ratio of 0.61 and a quick ratio of 0.61. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -60.50, a PEG ratio of 2.37 and a beta of 1.24. The business's 50-day simple moving average is $14.70 and its 200-day simple moving average is $15.46.

Veris Residential (NYSE:VRE - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $75.93 million during 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%. Research analysts predict 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 given 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%.

Hedge Funds Weigh In On Veris Residential

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

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.