Veris Residential (NYSE:VRE) Given New $16.00 Price Target at Truist Financial

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

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

Veris Residential Stock Down 2.3 %

VRE opened at $15.89 on Monday. The company has a market cap of $1.48 billion, a PE ratio of -93.47, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. 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 has a 1 year low of $13.84 and a 1 year high of $18.85. The firm has a 50 day moving average price of $16.06 and a 200 day moving average price of $16.53.

Veris Residential (NYSE:VRE) last issued its earnings results on Wednesday, April 23rd. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $69.24 million. Sell-side analysts expect that Veris Residential 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, April 10th. Shareholders of record on Monday, March 31st were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 2.01%. Veris Residential’s payout ratio is currently -100.00%.

Institutional Inflows and Outflows

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