Veris Residential (NYSE:VRE) Given New $14.00 Price Target at Truist Financial

Veris Residential (NYSE:VRE) had its price objective lowered by analysts at Truist Financial from $15.00 to $14.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price points to a potential downside of 3.31% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Evercore ISI dropped their target price on Veris Residential from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Veris Residential from $11.00 to $13.00 and gave the company an “underweight” rating in a report on Monday, June 17th.

Veris Residential Stock Performance

NYSE:VRE opened at $14.48 on Monday. The stock has a 50 day simple moving average of $14.97 and a 200 day simple moving average of $15.10. The stock has a market cap of $1.34 billion, a P/E ratio of -14.48, a PEG ratio of 4.57 and a beta of 1.25. Veris Residential has a 1-year low of $13.06 and a 1-year high of $18.98. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 1.46.

Insiders Place Their Bets

In other news, Director Nori Gerardo Lietz acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average cost of $14.31 per share, with a total value of $143,100.00. Following the completion of the purchase, the director now directly owns 39,687 shares of the company’s stock, valued at approximately $567,920.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mahbod Nia bought 35,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was purchased at an average price of $14.32 per share, with a total value of $501,200.00. Following the completion of the acquisition, the chief executive officer now owns 380,869 shares of the company’s stock, valued at $5,454,044.08. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Nori Gerardo Lietz purchased 10,000 shares of Veris Residential stock in a transaction dated Thursday, June 20th. The stock was bought at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the completion of the purchase, the director now owns 39,687 shares in the company, valued at approximately $567,920.97. The disclosure for this purchase can be found here. Corporate insiders own 15.00% of the company’s stock.

Institutional Trading of Veris Residential

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Texas Permanent School Fund Corp boosted its stake in shares of Veris Residential by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 70,177 shares of the company’s stock valued at $1,067,000 after purchasing an additional 897 shares in the last quarter. Ranger Global Real Estate Advisors LLC boosted its position in Veris Residential by 0.3% during the 3rd quarter. Ranger Global Real Estate Advisors LLC now owns 303,382 shares of the company’s stock worth $5,006,000 after buying an additional 915 shares during the period. ProShare Advisors LLC grew its holdings in Veris Residential by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 15,978 shares of the company’s stock worth $243,000 after acquiring an additional 1,096 shares during the last quarter. Vert Asset Management LLC increased its position in Veris Residential by 4.9% in the 1st quarter. Vert Asset Management LLC now owns 28,852 shares of the company’s stock valued at $439,000 after acquiring an additional 1,354 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its stake in shares of Veris Residential by 1.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 91,500 shares of the company’s stock valued at $1,439,000 after acquiring an additional 1,700 shares during the last quarter. Institutional investors 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.