Veris Residential (NYSE:VRE) Sees Large Volume Increase After Strong Earnings

Shares of Veris Residential, Inc. (NYSE:VREGet Free Report) saw strong trading volume on Tuesday following a stronger than expected earnings report. 4,042,354 shares traded hands during trading, an increase of 208% from the previous session’s volume of 1,314,187 shares.The stock last traded at $18.8050 and had previously closed at $18.81.

The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.03. The firm had revenue of $71.31 million during the quarter, compared to analyst estimates of $70.85 million. Veris Residential had a return on equity of 4.72% and a net margin of 22.09%.

Key Stories Impacting Veris Residential

Here are the key news stories impacting Veris Residential this week:

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on VRE shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Wall Street Zen upgraded Veris Residential from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $18.67.

Get Our Latest Research Report on Veris Residential

Institutional Investors Weigh In On Veris Residential

Large investors have recently modified their holdings of the stock. Madison International Realty Holdings LLC bought a new position in shares of Veris Residential during the 3rd quarter worth approximately $78,875,000. Woodline Partners LP acquired a new position in Veris Residential during the third quarter worth $22,504,000. H 2 Credit Manager LP lifted its holdings in shares of Veris Residential by 27.4% during the fourth 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 shares of 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 valued at $15,904,000 after purchasing an additional 620,708 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Veris Residential in the 4th quarter worth about $7,720,000. 93.04% of the stock is currently owned by institutional investors.

Veris Residential Stock Down 0.0%

The stock has a market capitalization of $1.76 billion, a P/E ratio of 28.07, a P/E/G ratio of 2.60 and a beta of 1.26. 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 firm’s fifty day moving average is $15.37 and its 200-day moving average is $15.09.

Veris Residential Company Profile

(Get Free Report)

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.

Further Reading

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