Veris Residential (NYSE:VRE) Stock Price Expected to Rise, Truist Financial Analyst Says

Veris Residential (NYSE:VRE) had its price objective boosted by stock analysts at Truist Financial from $15.00 to $19.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price suggests a potential upside of 0.40% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Weiss Ratings restated 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 research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Veris Residential presently has a consensus rating of “Hold” and a consensus price target of $19.67.

Veris Residential Price Performance

Shares of NYSE:VRE traded down $0.01 on Tuesday, hitting $18.93. The company had a trading volume of 484,370 shares, compared to its average volume of 1,600,514. 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 has a market cap of $1.77 billion, a PE ratio of 23.66, a PEG ratio of 3.25 and a beta of 1.20. Veris Residential has a 52-week low of $13.69 and a 52-week high of $18.97. The business has a 50 day moving average of $16.98 and a 200 day moving average of $15.66.

Veris Residential (NYSE:VRE) last issued its quarterly earnings results on Monday, February 23rd. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The company had revenue of $71.31 million for the quarter, compared to analyst estimates of $70.85 million. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%. As a group, equities analysts anticipate that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Centerpoint Advisors LLC acquired a new stake in Veris Residential in the third quarter valued at approximately $1,110,000. APG Asset Management US Inc. grew its holdings in shares of Veris Residential by 107.1% in the third quarter. APG Asset Management US Inc. now owns 696,155 shares of the company’s stock valued at $10,463,000 after acquiring an additional 360,031 shares in the last quarter. DigitalBridge Group Inc. raised its stake in shares of Veris Residential by 16.0% during the 2nd quarter. DigitalBridge Group Inc. now owns 818,694 shares of the company’s stock worth $12,190,000 after purchasing an additional 112,700 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Veris Residential by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,374,440 shares of the company’s stock worth $36,091,000 after purchasing an additional 501,725 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Veris Residential by 11.6% in the second quarter. Daiwa Securities Group Inc. now owns 490,403 shares of the company’s stock valued at $7,302,000 after buying an additional 50,924 shares during the period. 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.