Veris Residential (NYSE:VRE) Hits New 12-Month High – Should You Buy?

Veris Residential, Inc. (NYSE:VRE) reached a new 52-week high during trading on Thursday . The company traded as high as $18.78 and last traded at $18.70, with a volume of 5882 shares traded. The stock had previously closed at $18.58.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $23.00 in a report on Tuesday. Evercore ISI lifted their price target on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, September 16th.

Veris Residential Stock Performance

The stock has a fifty day moving average of $17.50 and a 200-day moving average of $16.26. The firm has a market capitalization of $1.69 billion, a P/E ratio of -107.00, a P/E/G ratio of 3.08 and a beta of 1.26. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.76%. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. Veris Residential’s dividend payout ratio is -188.24%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in VRE. Allspring Global Investments Holdings LLC boosted its stake in shares of Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after buying an additional 2,167 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Veris Residential during the second quarter worth about $48,000. Quarry LP acquired a new position in Veris Residential during the second quarter valued at approximately $48,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Veris Residential by 35.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock valued at $51,000 after purchasing an additional 755 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Veris Residential during the 1st quarter worth approximately $152,000. Institutional investors own 93.04% of the company’s stock.

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.