Veris Residential (NYSE:VRE) Sees Strong Trading Volume – Time to Buy?

Veris Residential, Inc. (NYSE:VRE) saw an uptick in trading volume on Friday . 1,861,757 shares changed hands during mid-day trading, an increase of 278% from the previous session’s volume of 492,349 shares.The stock last traded at $15.29 and had previously closed at $14.42.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on VRE. Evercore ISI upped their price target on Veris Residential from $17.50 to $18.00 and gave the company an “in-line” rating in a research report on Friday, July 25th. Wall Street Zen upgraded Veris Residential from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. BTIG Research lowered their price objective on Veris Residential from $26.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, July 23rd. Finally, Truist Financial lowered their price objective on Veris Residential from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Two investment analysts have 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 currently has an average rating of “Hold” and an average price target of $19.20.

Veris Residential Stock Performance

The firm has a 50-day moving average price of $14.53 and a 200 day moving average price of $15.34. The firm has a market capitalization of $1.42 billion, a PE ratio of -66.22, a price-to-earnings-growth ratio of 2.61 and a beta of 1.24. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.47.

Veris Residential (NYSE:VRE) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.14 by $0.03. The business had revenue of $75.93 million during the quarter, compared to analyst estimates of $69.06 million. Veris Residential had a negative return on equity of 1.89% and a negative net margin of 7.84%. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. Research analysts expect that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Monday, June 30th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.1%. Veris Residential’s dividend payout ratio (DPR) is presently -139.13%.

Hedge Funds Weigh In On Veris Residential

Several hedge funds have recently made changes to their positions in VRE. Wells Fargo & Company MN boosted its holdings in Veris Residential by 6.4% in the 4th quarter. Wells Fargo & Company MN now owns 47,291 shares of the company’s stock valued at $786,000 after purchasing an additional 2,860 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Veris Residential in the 4th quarter valued at approximately $1,737,000. Jump Financial LLC acquired a new stake in shares of Veris Residential during the 4th quarter valued at approximately $205,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Veris Residential by 8.4% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 174,951 shares of the company’s stock valued at $2,908,000 after acquiring an additional 13,510 shares during the period. Finally, MetLife Investment Management LLC lifted its position in shares of Veris Residential by 5.4% during the 4th quarter. MetLife Investment Management LLC now owns 49,810 shares of the company’s stock valued at $828,000 after acquiring an additional 2,537 shares during the period. 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.