Veris Residential (NYSE:VRE) Sees Unusually-High Trading Volume – What’s Next?

Veris Residential, Inc. (NYSE:VRE) shares saw strong trading volume on Friday . 1,783,451 shares changed hands during trading, an increase of 13% from the previous session’s volume of 1,573,677 shares.The stock last traded at $18.8450 and had previously closed at $18.84.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VRE. Weiss Ratings reissued a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Wall Street Zen cut Veris Residential from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.67.

Veris Residential Stock Up 0.3%

The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.68 and a current ratio of 0.68. The firm’s 50-day moving average is $16.89 and its two-hundred day moving average is $15.64. The stock has a market cap of $1.77 billion, a P/E ratio of 23.62, a PEG ratio of 3.25 and a beta of 1.21.

Veris Residential (NYSE:VRE) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $71.31 million for the quarter, compared to analyst estimates of $70.85 million. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%. On average, equities research analysts anticipate that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, March 31st. Veris Residential’s dividend payout ratio is 40.00%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Madison International Realty Holdings LLC acquired a new stake in shares of Veris Residential during the 3rd quarter worth approximately $78,875,000. Woodline Partners LP acquired a new position in Veris Residential in the third quarter valued at approximately $22,504,000. H 2 Credit Manager LP boosted its stake in Veris Residential by 27.4% in the fourth quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock valued at $81,435,000 after acquiring an additional 1,175,500 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in Veris Residential by 138.7% in the second quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after acquiring an additional 620,708 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Veris Residential during the 4th quarter worth $7,720,000. Institutional investors own 93.04% of the company’s stock.

Veris Residential Company Profile

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.