Veris Residential (NYSE:VRE) Hits New 12-Month High – Here’s Why

Veris Residential, Inc. (NYSE:VRE) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $19.03 and last traded at $18.9150, with a volume of 108827 shares changing hands. The stock had previously closed at $18.95.

Analyst Ratings Changes

VRE has been the subject of a number of research reports. Wall Street Zen downgraded Veris Residential from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Citigroup upped their target price on Veris Residential from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. Finally, Truist Financial lifted their price target on shares of Veris Residential from $15.00 to $19.00 and gave the stock a “hold” rating in a research note on Tuesday, March 24th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Veris Residential presently has an average rating of “Hold” and a consensus target price of $19.50.

Veris Residential Trading Down 0.1%

The firm has a market cap of $1.77 billion, a P/E ratio of 23.66, a price-to-earnings-growth ratio of 3.26 and a beta of 1.15. 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’s fifty day moving average price is $17.72 and its two-hundred day moving average price is $15.85.

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

Veris Residential Dividend Announcement

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

Institutional Investors Weigh In On Veris Residential

Large investors have recently bought and sold shares of the business. Covestor Ltd raised its position 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 purchasing an additional 736 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Veris Residential by 71.1% during the fourth quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock worth $29,000 after purchasing an additional 812 shares during the last quarter. Amalgamated Bank increased its stake in shares of Veris Residential by 3.6% in the third quarter. Amalgamated Bank now owns 23,892 shares of the company’s stock valued at $363,000 after buying an additional 827 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Veris Residential by 2.8% in the third quarter. Intech Investment Management LLC now owns 33,241 shares of the company’s stock valued at $505,000 after buying an additional 905 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its holdings in shares of Veris Residential by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 49,743 shares of the company’s stock valued at $756,000 after buying an additional 910 shares during the last quarter. 93.04% of the stock is currently owned by institutional investors.

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.