Veris Residential (NYSE:VRE) Price Target Raised to $13.00

Veris Residential (NYSE:VREFree Report) had its target price boosted by JPMorgan Chase & Co. from $11.00 to $13.00 in a report issued on Monday morning, Benzinga reports. They currently have an underweight rating on the stock.

Separately, Truist Financial reduced their price target on shares of Veris Residential from $15.00 to $14.00 and set a hold rating on the stock in a research report on Tuesday, April 9th.

Read Our Latest Stock Report on VRE

Veris Residential Stock Down 6.5 %

VRE stock opened at $14.21 on Monday. The firm has a market cap of $1.32 billion, a PE ratio of -14.21, a PEG ratio of 4.93 and a beta of 1.25. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.35 and a current ratio of 2.35. The firm’s 50 day moving average price is $15.00 and its 200-day moving average price is $15.10. Veris Residential has a one year low of $13.06 and a one year high of $18.98.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Wednesday, July 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Wednesday, July 3rd. This is a positive change from Veris Residential’s previous quarterly dividend of $0.05. Veris Residential’s payout ratio is presently -24.00%.

Institutional Trading of Veris Residential

Several institutional investors have recently added to or reduced their stakes in VRE. Wellington Management Group LLP increased its holdings in Veris Residential by 24.8% in the 3rd quarter. Wellington Management Group LLP now owns 7,176,422 shares of the company’s stock valued at $118,411,000 after purchasing an additional 1,425,528 shares during the last quarter. Aew Capital Management L P grew its stake in shares of Veris Residential by 169.5% in the fourth quarter. Aew Capital Management L P now owns 1,555,610 shares of the company’s stock worth $24,470,000 after acquiring an additional 978,350 shares in the last quarter. Nordea Investment Management AB acquired a new position in shares of Veris Residential in the first quarter worth $8,503,000. Norges Bank acquired a new position in shares of Veris Residential in the fourth quarter worth $8,154,000. Finally, Daiwa Securities Group Inc. grew its stake in shares of Veris Residential by 1,983.4% in the first quarter. Daiwa Securities Group Inc. now owns 507,104 shares of the company’s stock worth $7,713,000 after acquiring an additional 482,764 shares in the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Company Profile

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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.

Further Reading

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