Veris Residential (NYSE:VRE) Upgraded to Hold at Wall Street Zen

Key Points

• Veris Residential has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a shift in analyst sentiment towards the stock.
• Analyst recommendations vary, with a consensus rating of "Hold" and a target price of $19.20, reflecting some optimism despite recent price adjustments from other analysts.
• The company reported earnings of $0.17 EPS, surpassing expectations of $0.14 EPS, showcasing better-than-expected performance in its most recent quarter.

Veris Residential (NYSE:VRE - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Several other equities analysts have also issued reports on the company. Evercore ISI lifted their price target on Veris Residential from $17.50 to $18.00 and gave the company an "in-line" rating in a research note on Friday. 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. Finally, 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. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Veris Residential has a consensus rating of "Hold" and a consensus target price of $19.20.

Veris Residential Price Performance

Shares of NYSE VRE opened at $14.65 on Friday. The firm has a market cap of $1.37 billion, a P/E ratio of -63.67, a price-to-earnings-growth ratio of 1.57 and a beta of 1.21. The company has a current ratio of 0.61, a quick ratio of 0.56 and a debt-to-equity ratio of 1.47. Veris Residential has a 1-year low of $14.12 and a 1-year high of $18.85. The business's 50 day moving average is $14.87 and its 200-day moving average is $15.58.

Veris Residential (NYSE:VRE - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $69.06 million. Equities research analysts predict that Veris Residential will post 0.61 earnings per share for the current year.

Institutional Trading of Veris Residential

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VRE. GF Fund Management CO. LTD. purchased a new position in shares of Veris Residential in the 4th quarter worth approximately $25,000. Covestor Ltd boosted its stake in shares of Veris Residential by 11,246.7% in the 4th quarter. Covestor Ltd now owns 1,702 shares of the company's stock worth $28,000 after buying an additional 1,687 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of Veris Residential by 824.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company's stock worth $42,000 after buying an additional 2,243 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Veris Residential in the 4th quarter worth approximately $45,000. Finally, State of Wyoming purchased a new position in shares of Veris Residential in the 4th quarter worth approximately $52,000. 93.04% of the stock is owned by 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.

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