Veris Residential (NYSE:VRE) Reaches New 12-Month High – Still a Buy?

Shares of Veris Residential, Inc. (NYSE:VRE) reached a new 52-week high during trading on Monday . The company traded as high as $18.91 and last traded at $18.90, with a volume of 75080 shares. The stock had previously closed at $18.87.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Wall Street Zen downgraded Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research 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 stock currently has an average rating of “Hold” and an average target price of $18.67.

Veris Residential Stock Up 0.0%

The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68. The firm’s 50-day moving average price is $16.50 and its 200 day moving average price is $15.52. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 3.32 and a beta of 1.20.

Veris Residential (NYSE:VRE) last issued its quarterly earnings data on Monday, February 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%.The firm had revenue of $71.31 million during the quarter, compared to the consensus estimate of $70.85 million. Sell-side analysts expect that Veris Residential, Inc. will post 0.61 EPS for the current year.

Veris Residential Announces Dividend

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

Institutional Trading of Veris Residential

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VRE. GAMMA Investing LLC increased its position 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. grew its holdings in shares of Veris Residential by 720.0% during the third quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after buying an additional 1,872 shares in the last quarter. Covestor Ltd raised its position in shares of Veris Residential by 29.0% in the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock valued at $49,000 after buying an additional 736 shares during the last quarter. Quarry LP boosted 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 grew its stake in Veris Residential by 21.8% in the 4th 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. Hedge funds and other institutional investors 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.