Citigroup Boosts Veris Residential (NYSE:VRE) Price Target to $19.00

Veris Residential (NYSE:VRE) had its target price raised by Citigroup from $16.00 to $19.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential upside of 0.47% from the company’s current price.

Several other research analysts have also commented on VRE. Truist Financial raised their price target on Veris Residential from $15.00 to $19.00 and gave the stock a “hold” rating in a research report on Tuesday, March 24th. Wall Street Zen lowered Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings restated 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 four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Veris Residential presently has a consensus rating of “Hold” and an average price target of $19.50.

Veris Residential Trading Up 0.2%

Shares of VRE stock traded up $0.04 during trading hours on Wednesday, hitting $18.91. The company had a trading volume of 1,491,740 shares, compared to its average volume of 1,556,757. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $1.77 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 3.26 and a beta of 1.21. The company’s fifty day moving average is $17.47 and its 200 day moving average is $15.78. Veris Residential has a fifty-two week low of $13.69 and a fifty-two week high of $18.97.

Veris Residential (NYSE:VRE) last posted its earnings results on Monday, February 23rd. The company reported $0.19 earnings per share 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%. Research analysts expect that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Institutional Trading of Veris Residential

Several hedge funds have recently modified their holdings of VRE. GAMMA Investing LLC raised its position in Veris Residential by 71.1% in the 4th quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock valued at $29,000 after purchasing an additional 812 shares in the last quarter. Hantz Financial Services Inc. increased its stake in shares of Veris Residential by 720.0% during the third quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after buying an additional 1,872 shares during the period. Covestor Ltd increased its stake in shares of Veris Residential by 29.0% during the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after buying an additional 736 shares during the period. Quarry LP raised its holdings in Veris Residential by 746.6% in the third quarter. Quarry LP now owns 4,326 shares of the company’s stock valued at $66,000 after acquiring an additional 3,815 shares in the last quarter. Finally, Federation des caisses Desjardins du Quebec raised its holdings in Veris Residential by 21.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock valued at $90,000 after acquiring an additional 1,078 shares in the last quarter. 93.04% of the stock is currently owned by institutional investors and hedge funds.

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.