Brokerages Set Veris Residential, Inc. (NYSE:VRE) Target Price at $19.20

Veris Residential, Inc. (NYSE:VRE) has received a consensus recommendation of “Hold” from the five analysts that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $19.20.

VRE has been the topic of a number of recent analyst reports. Truist Financial lowered their target price on shares of Veris Residential from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Monday, May 5th. BTIG Research decreased their price objective on shares of Veris Residential from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, July 23rd. Wall Street Zen upgraded shares of Veris Residential from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Evercore ISI upped their price objective on shares of Veris Residential from $17.50 to $18.00 and gave the company an “in-line” rating in a report on Friday, July 25th.

Veris Residential Price Performance

Shares of VRE opened at $14.66 on Wednesday. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -63.72, a PEG ratio of 2.23 and a beta of 1.21. Veris Residential has a 1-year low of $14.12 and a 1-year high of $18.85. The company’s fifty day simple moving average is $14.83 and its 200 day simple moving average is $15.56. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.47.

Veris Residential (NYSE:VRE) last issued its earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03. The business had revenue of $75.93 million for the quarter, compared to the consensus estimate of $69.06 million. Veris Residential had a negative net margin of 7.84% and a negative return on equity of 1.89%. On average, research analysts forecast that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Monday, June 30th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.18%. Veris Residential’s dividend payout ratio is currently -139.13%.

Institutional Investors Weigh In On Veris Residential

A number of institutional investors have recently modified their holdings of VRE. Raymond James Financial Inc. bought a new stake in shares of Veris Residential in the fourth quarter valued at about $1,737,000. Swiss National Bank boosted its position in shares of Veris Residential by 13.3% in the fourth quarter. Swiss National Bank now owns 164,400 shares of the company’s stock valued at $2,734,000 after acquiring an additional 19,300 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Veris Residential by 37.3% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,643 shares of the company’s stock valued at $709,000 after acquiring an additional 11,588 shares during the period. Quantbot Technologies LP bought a new stake in shares of Veris Residential in the fourth quarter valued at about $595,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Veris Residential in the fourth quarter valued at about $274,000. 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.