Evercore ISI Reaffirms In-Line Rating for Veris Residential (NYSE:VRE)

Veris Residential (NYSE:VRE)‘s stock had its “in-line” rating restated by stock analysts at Evercore ISI in a research report issued to clients and investors on Wednesday, Marketbeat reports. They presently have a $18.00 price target on the stock, down from their previous price target of $20.00. Evercore ISI’s price objective would suggest a potential upside of 9.12% from the company’s previous close.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $14.00 to $17.00 in a report on Tuesday, December 17th. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th.

Veris Residential Price Performance

Shares of VRE opened at $16.50 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $1.53 billion, a PE ratio of -97.02, a PEG ratio of 2.50 and a beta of 1.27. The firm’s 50 day moving average price is $16.05 and its 200 day moving average price is $16.96. Veris Residential has a twelve month low of $13.84 and a twelve month high of $18.85.

Veris Residential (NYSE:VRE) last released its quarterly earnings data on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The business had revenue of $68.08 million during the quarter, compared to analyst estimates of $66.98 million. Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. As a group, research analysts expect that Veris Residential will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Veris Residential

Large investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. acquired a new stake in Veris Residential in the 4th quarter valued at approximately $25,000. Covestor Ltd grew its stake in shares of Veris Residential by 11,246.7% in the fourth quarter. Covestor Ltd now owns 1,702 shares of the company’s stock worth $28,000 after acquiring an additional 1,687 shares during the last quarter. Sterling Capital Management LLC increased its position in Veris Residential by 824.6% during the fourth 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 period. Point72 Hong Kong Ltd acquired a new position in Veris Residential during the 4th quarter valued at $45,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Veris Residential by 35.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock valued at $51,000 after purchasing an additional 755 shares during the last quarter. Institutional investors and hedge funds 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.