Veris Residential (NYSE:VRE) Sets New 52-Week High – Here’s What Happened

Veris Residential, Inc. (NYSE:VRE)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $18.89 and last traded at $18.8750, with a volume of 283206 shares traded. The stock had previously closed at $18.85.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on VRE shares. Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $18.67.

Veris Residential Stock Performance

The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 23.58, a P/E/G ratio of 3.32 and a beta of 1.20. The stock has a 50 day moving average price of $16.18 and a two-hundred day moving average price of $15.42.

Veris Residential (NYSE:VRE) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%.The business had revenue of $71.31 million during the quarter, compared to analysts’ expectations of $70.85 million. Analysts predict that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, March 31st. Veris Residential’s dividend payout ratio (DPR) is currently 40.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in Veris Residential by 71.1% during the 4th quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock worth $29,000 after purchasing an additional 812 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Veris Residential by 720.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock valued at $32,000 after acquiring an additional 1,872 shares during the period. Covestor Ltd raised its holdings in Veris Residential by 29.0% in the 3rd quarter. Covestor Ltd now owns 3,270 shares of the company’s stock valued at $49,000 after acquiring an additional 736 shares during the period. Quarry LP lifted its position in Veris Residential by 746.6% during the third quarter. Quarry LP now owns 4,326 shares of the company’s stock worth $66,000 after acquiring an additional 3,815 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec boosted its holdings in shares of Veris Residential by 21.8% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock worth $90,000 after acquiring an additional 1,078 shares during the period. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Company Profile

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.