Veris Residential (NYSE:VRE) Price Target Raised to $17.00

Veris Residential (NYSE:VRE) had its target price boosted by investment analysts at Truist Financial from $16.00 to $17.00 in a report released on Monday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target suggests a potential upside of 1.83% from the stock’s current price.

A number of other analysts have also recently issued reports on VRE. Evercore ISI reissued an “in-line” rating and issued a $18.00 price objective (down from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and increased their target price for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. upgraded shares of Veris Residential from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th.

Veris Residential Stock Down 0.0 %

VRE traded down $0.01 during trading on Monday, reaching $16.70. The stock had a trading volume of 11,105 shares, compared to its average volume of 396,771. Veris Residential has a one year low of $13.84 and a one year high of $18.85. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -98.23, a P/E/G ratio of 2.50 and a beta of 1.24. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock’s 50 day moving average is $16.08 and its two-hundred day moving average is $16.99.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The company had revenue of $68.08 million during the quarter, compared to analysts’ expectations of $66.98 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. As a group, analysts expect that Veris Residential will post 0.61 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. GF Fund Management CO. LTD. bought a new position in Veris Residential in the fourth quarter worth about $25,000. CTC Alternative Strategies Ltd. acquired a new stake in Veris Residential in the fourth quarter valued at approximately $175,000. Woodline Partners LP grew its holdings in Veris Residential by 62.1% in the fourth quarter. Woodline Partners LP now owns 922,515 shares of the company’s stock worth $15,341,000 after purchasing an additional 353,540 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of Veris Residential by 25.4% during the fourth quarter. Squarepoint Ops LLC now owns 37,611 shares of the company’s stock worth $625,000 after purchasing an additional 7,611 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of Veris Residential by 92.3% during the 4th quarter. Two Sigma Advisers LP now owns 342,500 shares of the company’s stock valued at $5,696,000 after purchasing an additional 164,400 shares during the last quarter. 93.04% of the stock is currently owned by institutional investors.

About Veris Residential

Veris Residential, Inc is a forward-thinking, environmentally and socially conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today’s residents while seeking to positively impact the communities it serves and the planet at large.