Veris Residential (NYSE:VRE) PT Raised to $14.00 at JPMorgan Chase & Co.

Veris Residential (NYSE:VRE) had its price objective boosted by research analysts at JPMorgan Chase & Co. from $13.00 to $14.00 in a report issued on Monday, Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 21.17% from the company’s current price.

VRE has been the topic of several other reports. Truist Financial lowered their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. Evercore ISI raised their price target on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th.

Veris Residential Stock Performance

VRE stock opened at $17.76 on Monday. The stock’s fifty day moving average is $16.45 and its two-hundred day moving average is $15.43. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -17.76, a PEG ratio of 6.67 and a beta of 1.25. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.84 and a current ratio of 0.84. Veris Residential has a 1 year low of $13.06 and a 1 year high of $18.17.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. The firm had revenue of $67.48 million for the quarter, compared to analyst estimates of $67.73 million. During the same period in the previous year, the firm earned $0.16 earnings per share. On average, research analysts predict that Veris Residential will post 0.54 EPS for the current year.

Insider Buying and Selling

In other news, CEO Mahbod Nia purchased 35,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was purchased at an average cost of $14.32 per share, with a total value of $501,200.00. Following the purchase, the chief executive officer now owns 380,869 shares in the company, valued at approximately $5,454,044.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Veris Residential news, Director Nori Gerardo Lietz acquired 10,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were bought at an average price of $14.31 per share, with a total value of $143,100.00. Following the purchase, the director now directly owns 39,687 shares of the company’s stock, valued at approximately $567,920.97. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mahbod Nia bought 35,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was acquired at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the acquisition, the chief executive officer now directly owns 380,869 shares in the company, valued at $5,454,044.08. The disclosure for this purchase can be found here. 15.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its stake in shares of Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after acquiring an additional 2,167 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Veris Residential during the second quarter valued at approximately $48,000. Quarry LP acquired a new position in Veris Residential in the 2nd quarter worth approximately $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Veris Residential during the 1st quarter valued at $152,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Veris Residential in the first quarter valued at $156,000. 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.