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

Veris Residential (NYSE:VRE) had its target price raised by Truist Financial from $16.00 to $17.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price suggests a potential upside of 1.83% from the company’s previous close.

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

Veris Residential Price Performance

Shares of NYSE:VRE traded down $0.01 during midday trading on Monday, hitting $16.70. The company’s stock had a trading volume of 11,105 shares, compared to its average volume of 396,771. The company has a market cap of $1.55 billion, a P/E ratio of -98.23, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. Veris Residential has a 12-month low of $13.84 and a 12-month high of $18.85. The business’s 50 day simple moving average is $16.08 and its 200 day simple moving average is $16.99. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73.

Veris Residential (NYSE:VRE) last released its earnings results on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The business 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%. On average, analysts forecast that Veris Residential will post 0.61 EPS for the current year.

Hedge Funds Weigh In On Veris Residential

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new stake in Veris Residential during the 4th quarter worth approximately $25,000. Covestor Ltd lifted its holdings in shares of Veris Residential by 11,246.7% during the fourth quarter. Covestor Ltd now owns 1,702 shares of the company’s stock worth $28,000 after purchasing an additional 1,687 shares during the period. Sterling Capital Management LLC grew its position in Veris Residential by 824.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,515 shares of the company’s stock valued at $42,000 after buying an additional 2,243 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Veris Residential in the 4th quarter valued at $45,000. Finally, State of Wyoming purchased a new position in Veris Residential during the 4th quarter worth $52,000. Hedge funds and other 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.