Evercore ISI Lowers Veris Residential (NYSE:VRE) Price Target to $16.00

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

VRE has been the topic of several other reports. JPMorgan Chase & Co. boosted their price objective on Veris Residential from $11.00 to $13.00 and gave the stock an underweight rating in a research note on Monday, June 17th. Truist Financial reduced their price objective on Veris Residential from $15.00 to $14.00 and set a hold rating on the stock in a research note on Tuesday, April 9th.

Read Our Latest Stock Analysis on Veris Residential

Veris Residential Price Performance

Shares of Veris Residential stock opened at $14.48 on Thursday. The stock’s 50-day simple moving average is $14.97 and its 200-day simple moving average is $15.10. Veris Residential has a 52 week low of $13.06 and a 52 week high of $18.98. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -14.48, a PEG ratio of 4.57 and a beta of 1.25. 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 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders 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 1.66%. This is a positive change from Veris Residential’s previous quarterly dividend of $0.05. Veris Residential’s dividend payout ratio is currently -21.00%.

Hedge Funds Weigh In On Veris Residential

A number of large investors have recently made changes to their positions in the business. Tidal Investments LLC increased its position in shares of Veris Residential by 268.8% in the 1st quarter. Tidal Investments LLC now owns 50,959 shares of the company’s stock valued at $775,000 after acquiring an additional 37,141 shares during the period. Levin Capital Strategies L.P. acquired a new position in shares of Veris Residential in the 1st quarter valued at $532,000. Price T Rowe Associates Inc. MD increased its position in shares of Veris Residential by 6.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,796 shares of the company’s stock valued at $758,000 after acquiring an additional 2,826 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Veris Residential in the 1st quarter valued at $156,000. Finally, CANADA LIFE ASSURANCE Co grew its position in Veris Residential by 1.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 161,072 shares of the company’s stock worth $2,445,000 after purchasing an additional 2,172 shares during the period. 93.04% of the stock is owned by institutional investors and hedge funds.

About Veris Residential

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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.

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