Truist Financial Issues Positive Forecast for Veris Residential (NYSE:VRE) Stock Price

Veris Residential (NYSE:VRE) had its target price hoisted by Truist Financial from $16.00 to $17.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other research analysts have also recently commented on the stock. Evercore ISI reaffirmed an “in-line” rating and set a $18.00 target price (down from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $23.00 in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $14.00 to $17.00 in a report on Tuesday, December 17th.

Veris Residential Price Performance

Shares of NYSE VRE opened at $16.44 on Monday. The business’s 50 day moving average is $16.08 and its 200-day moving average is $16.98. The firm has a market cap of $1.53 billion, a P/E ratio of -96.70, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. Veris Residential has a 1-year low of $13.84 and a 1-year high of $18.85. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential (NYSE:VRE) last posted its earnings results on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The firm had revenue of $68.08 million for the quarter, compared to analyst estimates of $66.98 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. Equities research analysts predict that Veris Residential will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.95%. Veris Residential’s dividend payout ratio (DPR) is -133.33%.

Institutional Investors Weigh In On Veris Residential

A number of large investors have recently modified their holdings of VRE. Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Veris Residential by 51.7% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 975,262 shares of the company’s stock worth $16,219,000 after buying an additional 332,381 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Veris Residential by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock worth $35,743,000 after acquiring an additional 21,133 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Veris Residential by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock worth $26,264,000 after acquiring an additional 49,378 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Veris Residential by 11.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,102,857 shares of the company’s stock valued at $37,557,000 after purchasing an additional 219,901 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its holdings in shares of Veris Residential by 5.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 122,034 shares of the company’s stock valued at $2,009,000 after purchasing an additional 6,287 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.