Veris Residential (NYSE:VRE) Price Target Cut to $16.00 by Analysts at Truist Financial

Veris Residential (NYSE:VRE) had its price target cut by Truist Financial from $17.00 to $16.00 in a research report released on Monday,Benzinga reports. They currently have a hold rating on the stock.

Separately, Evercore ISI reiterated an “in-line” rating and set a $18.00 target price (down from $20.00) on shares of Veris Residential in a research note on Wednesday, February 26th.

Veris Residential Stock Down 0.9 %

Veris Residential stock opened at $15.69 on Monday. Veris Residential has a 12 month low of $13.84 and a 12 month high of $18.85. The stock has a fifty day simple moving average of $16.03 and a two-hundred day simple moving average of $16.52. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -92.29, a PEG ratio of 2.50 and a beta of 1.24.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The business had revenue of $67.76 million for the quarter, compared to analysts’ expectations of $69.24 million. Equities analysts predict that Veris Residential will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 2.04%. Veris Residential’s dividend payout ratio is currently -100.00%.

Institutional Investors Weigh In On Veris Residential

A number of hedge funds have recently modified their holdings of VRE. Argosy Lionbridge Management LLC bought a new position in Veris Residential in the 4th quarter worth $19,028,000. Northern Trust Corp increased its position in Veris Residential by 49.1% in the fourth quarter. Northern Trust Corp now owns 1,524,968 shares of the company’s stock worth $25,360,000 after buying an additional 501,867 shares in the last quarter. Woodline Partners LP raised its stake in shares of Veris Residential by 62.1% in the fourth quarter. Woodline Partners LP now owns 922,515 shares of the company’s stock worth $15,341,000 after buying an additional 353,540 shares during the period. Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Veris Residential by 51.7% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 975,262 shares of the company’s stock valued at $16,219,000 after buying an additional 332,381 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Veris Residential by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company’s stock valued at $211,157,000 after acquiring an additional 331,354 shares during the period. 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.