Truist Financial Issues Positive Forecast for Veris Residential (NYSE:VRE) Stock Price

Veris Residential (NYSE:VRE) had its price objective lifted by Truist Financial from $15.00 to $19.00 in a research report report published on Tuesday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other research analysts have also issued reports on VRE. Wall Street Zen lowered shares of Veris Residential from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.67.

Veris Residential Trading Down 0.1%

NYSE VRE opened at $18.92 on Tuesday. The business’s 50-day moving average price is $17.06 and its two-hundred day moving average price is $15.68. Veris Residential has a 12 month low of $13.69 and a 12 month high of $18.97. The firm has a market capitalization of $1.77 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 3.25 and a beta of 1.21. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08.

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

Veris Residential Announces Dividend

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

Institutional Trading of Veris Residential

Several large investors have recently made changes to their positions in VRE. Madison International Realty Holdings LLC acquired a new position in Veris Residential during the 3rd quarter worth approximately $78,875,000. Woodline Partners LP acquired a new stake in Veris Residential in the third quarter valued at approximately $22,504,000. H 2 Credit Manager LP increased its holdings in shares of Veris Residential by 27.4% during 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 in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Veris Residential by 138.7% during 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 in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Veris Residential during the fourth quarter worth approximately $7,720,000. 93.04% of the stock is currently owned by institutional investors and hedge funds.

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.