Veris Residential (NYSE:VRE) Sees Unusually-High Trading Volume – What’s Next?

Shares of Veris Residential, Inc. (NYSE:VRE) saw an uptick in trading volume on Thursday . 1,569,196 shares changed hands during mid-day trading, an increase of 140% from the previous session’s volume of 653,072 shares.The stock last traded at $15.62 and had previously closed at $15.42.

Analysts Set New Price Targets

VRE has been the subject of a number of research reports. Wall Street Zen raised shares of Veris Residential from a “hold” rating to a “buy” rating in a report on Saturday, December 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.67.

Veris Residential Stock Up 2.7%

The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.13. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 2.35 and a beta of 1.26. The firm has a 50 day moving average of $14.82 and a 200 day moving average of $14.86.

Institutional Investors Weigh In On Veris Residential

Several institutional investors have recently bought and sold shares of the stock. Madison International Realty Holdings LLC purchased a new position in Veris Residential in the 3rd quarter worth approximately $78,875,000. Woodline Partners LP purchased a new position in shares of Veris Residential during the 3rd quarter valued at about $22,504,000. Balyasny Asset Management L.P. lifted its position in Veris Residential by 138.7% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock worth $15,904,000 after buying an additional 620,708 shares during the last quarter. SG Americas Securities LLC bought a new stake in Veris Residential in the 4th quarter worth approximately $7,720,000. Finally, JPMorgan Chase & Co. boosted its stake in Veris Residential by 26.8% in the third quarter. JPMorgan Chase & Co. now owns 2,374,440 shares of the company’s stock worth $36,091,000 after buying an additional 501,725 shares in the last quarter. Institutional investors own 93.04% of the company’s stock.

About Veris Residential

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.