Veris Residential (NYSE:VRE) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Veris Residential (NYSE:VRE) released its quarterly earnings data on Monday. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03, Zacks reports. The company had revenue of $71.31 million during the quarter, compared to the consensus estimate of $70.85 million. Veris Residential had a return on equity of 4.72% and a net margin of 22.09%.

Veris Residential Stock Performance

Shares of Veris Residential stock opened at $18.86 on Monday. The business has a 50-day moving average price of $15.29 and a two-hundred day moving average price of $15.06. Veris Residential has a 1-year low of $13.69 and a 1-year high of $18.86. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.13. The company has a market cap of $1.76 billion, a P/E ratio of 28.13, a PEG ratio of 2.60 and a beta of 1.26.

Institutional Investors Weigh In On Veris Residential

A number of hedge funds have recently added to or reduced their stakes in VRE. Madison International Realty Holdings LLC acquired a new position in Veris Residential in the third quarter valued at approximately $78,875,000. Woodline Partners LP bought a new stake in shares of Veris Residential in the 3rd quarter valued at $22,504,000. H 2 Credit Manager LP lifted its position in shares of Veris Residential by 27.4% during the 4th quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock valued at $81,435,000 after acquiring an additional 1,175,500 shares during the period. Balyasny Asset Management L.P. boosted its stake in Veris Residential by 138.7% during the second quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock worth $15,904,000 after acquiring an additional 620,708 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Veris Residential by 466.7% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 578,525 shares of the company’s stock worth $8,794,000 after purchasing an additional 476,436 shares during the period. 93.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on VRE. Wall Street Zen upgraded shares of Veris Residential from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $18.67.

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.