Veris Residential (NYSE:VRE) Trading Up 0.4% – Here’s What Happened

Veris Residential, Inc. (NYSE:VRE) shares shot up 0.4% on Friday . The company traded as high as $15.00 and last traded at $14.9150. 495,978 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 542,598 shares. The stock had previously closed at $14.86.

Wall Street Analyst Weigh In

VRE has been the subject of a number of analyst reports. Wall Street Zen upgraded Veris Residential from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Veris Residential has an average rating of “Hold” and an average price target of $18.67.

Veris Residential Stock Performance

The company’s 50 day simple moving average is $14.84 and its 200 day simple moving average is $14.83. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market cap of $1.39 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25.

Veris Residential (NYSE:VRE) last announced its earnings results on Wednesday, October 22nd. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.05. The firm had revenue of $73.44 million for the quarter, compared to the consensus estimate of $73.74 million. Veris Residential had a return on equity of 4.72% and a net margin of 22.09%.Veris Residential has set its FY 2025 guidance at 0.670-0.680 EPS. Analysts expect that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Wednesday, December 31st. Veris Residential’s payout ratio is presently 47.76%.

Hedge Funds Weigh In On Veris Residential

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in Veris Residential by 71.1% in the fourth quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock worth $29,000 after acquiring an additional 812 shares during the period. Hantz Financial Services Inc. increased its stake in shares of Veris Residential by 720.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after purchasing an additional 1,872 shares during the last quarter. Covestor Ltd raised its holdings in shares of Veris Residential by 29.0% in the 3rd quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after purchasing an additional 736 shares during the period. Quarry LP lifted its stake 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 purchasing an additional 3,815 shares during the last quarter. Finally, CWM LLC lifted its stake in Veris Residential by 925.9% in the second quarter. CWM LLC now owns 7,017 shares of the company’s stock valued at $104,000 after purchasing an additional 6,333 shares during the last quarter. Institutional investors own 93.04% of the company’s stock.

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.