Veris Residential (NYSE:VRE) Price Target Cut to $16.00 by Analysts at Evercore ISI

Veris Residential (NYSE:VRE) had its price target decreased by Evercore ISI from $17.00 to $16.00 in a report released on Thursday, Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

VRE has been the topic of several other research reports. Truist Financial lowered their target price on shares of Veris Residential from $15.00 to $14.00 and set a hold rating on the stock in a report on Tuesday, April 9th. JPMorgan Chase & Co. lifted their target price on shares of Veris Residential from $11.00 to $13.00 and gave the company an underweight rating in a report on Monday.

Veris Residential Stock Up 0.4 %

Shares of NYSE:VRE opened at $14.27 on Thursday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -14.27, a PEG ratio of 4.61 and a beta of 1.25. The firm’s 50-day simple moving average is $14.98 and its 200-day simple moving average is $15.10. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 1.46. Veris Residential has a fifty-two week low of $13.06 and a fifty-two week high of $18.98.

Veris Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Wednesday, July 3rd will be issued a dividend of $0.06 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.24 dividend on an annualized basis and a yield of 1.68%. This is an increase from Veris Residential’s previous quarterly dividend of $0.05. Veris Residential’s payout ratio is currently -21.00%.

Institutional Trading of Veris Residential

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its holdings in Veris Residential by 417.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after buying an additional 2,167 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Veris Residential during the first quarter worth about $152,000. Quadrature Capital Ltd purchased a new stake in Veris Residential during the first quarter worth about $156,000. Cornerstone Investment Partners LLC purchased a new stake in Veris Residential during the first quarter worth about $167,000. Finally, Van ECK Associates Corp boosted its holdings in Veris Residential by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 11,088 shares of the company’s stock worth $174,000 after buying an additional 1,823 shares in the last quarter. Hedge funds and other 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.