Citigroup Increases Veris Residential (NYSE:VRE) Price Target to $19.00

Veris Residential (NYSE:VRE) had its price objective raised by investment analysts at Citigroup from $16.00 to $19.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 0.29% from the company’s current price.

Several other analysts also recently weighed in on the company. Wall Street Zen downgraded Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial lifted their price objective on Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a research note on Tuesday, March 24th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Veris Residential currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Veris Residential Trading Up 0.2%

Shares of NYSE VRE opened at $18.95 on Wednesday. Veris Residential has a 1 year low of $13.69 and a 1 year high of $18.97. The stock has a market cap of $1.77 billion, a P/E ratio of 23.68, a price-to-earnings-growth ratio of 3.25 and a beta of 1.15. The firm has a 50-day moving average of $17.63 and a 200 day moving average of $15.82. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68.

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

Institutional Investors Weigh In On Veris Residential

Several institutional investors and hedge funds have recently made changes to their positions in VRE. GAMMA Investing LLC lifted its position in Veris Residential by 71.1% in the 4th quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock valued at $29,000 after acquiring an additional 812 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in shares of Veris Residential by 720.0% in 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 in the last quarter. Covestor Ltd raised its stake in shares of Veris Residential by 29.0% in the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after purchasing an additional 736 shares during the last quarter. Quarry LP raised its stake in shares of Veris Residential by 746.6% in the third quarter. Quarry LP now owns 4,326 shares of the company’s stock worth $66,000 after purchasing an additional 3,815 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec lifted its holdings in shares of Veris Residential by 21.8% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock valued at $90,000 after purchasing an additional 1,078 shares in 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.