Veris Residential (NYSE:VRE) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Veris Residential (NYSE:VRE) from a buy rating to a hold rating in a research note published on Saturday.

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.67.

Veris Residential Trading Up 0.1%

Shares of NYSE:VRE opened at $18.86 on Friday. The stock’s 50-day simple moving average is $15.70 and its two-hundred day simple moving average is $15.22. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 2.80 and a beta of 1.26. Veris Residential has a 52-week low of $13.69 and a 52-week high of $18.89. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.53 and a current ratio of 0.68.

Veris Residential (NYSE:VRE) last released its quarterly earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. The firm had revenue of $71.31 million during the quarter, compared to analyst estimates of $70.85 million. Analysts expect that Veris Residential will post 0.61 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Covestor Ltd raised its holdings in Veris Residential by 29.0% during the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock valued at $49,000 after acquiring an additional 736 shares during the period. GAMMA Investing LLC grew its position 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 in the last quarter. Amalgamated Bank raised its stake in Veris Residential by 3.6% during the 3rd quarter. Amalgamated Bank now owns 23,892 shares of the company’s stock valued at $363,000 after purchasing an additional 827 shares during the period. Intech Investment Management LLC lifted its holdings in Veris Residential by 2.8% in the 3rd quarter. Intech Investment Management LLC now owns 33,241 shares of the company’s stock worth $505,000 after purchasing an additional 905 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in Veris Residential by 1.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 49,743 shares of the company’s stock worth $756,000 after purchasing an additional 910 shares in the last quarter. Institutional investors own 93.04% of the company’s stock.

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.