Veris Residential (NYSE:VRE) Raised to Buy at Bank of America

Veris Residential (NYSE:VRE) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a report released on Tuesday, MarketBeat.com reports. The firm currently has a $23.00 target price on the stock, up from their previous target price of $20.00. Bank of America‘s price objective would indicate a potential upside of 23.79% from the company’s current price.

Several other brokerages have also recently commented on VRE. Evercore ISI raised their price objective on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. raised their price objective on Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, September 16th.

Veris Residential Trading Up 1.9 %

Shares of VRE stock opened at $18.58 on Tuesday. Veris Residential has a 1-year low of $13.28 and a 1-year high of $18.70. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The business’s fifty day moving average price is $17.44 and its 200 day moving average price is $16.18. The firm has a market capitalization of $1.73 billion, a PE ratio of -109.29, a P/E/G ratio of 5.17 and a beta of 1.26.

Institutional Trading of Veris Residential

Several institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp lifted its stake in Veris Residential by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock valued at $180,000 after buying an additional 663 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Veris Residential by 35.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock valued at $51,000 after purchasing an additional 755 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Veris Residential by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock valued at $608,000 after purchasing an additional 800 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in shares of Veris Residential by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 70,177 shares of the company’s stock worth $1,067,000 after purchasing an additional 897 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Veris Residential by 7.4% in the first quarter. ProShare Advisors LLC now owns 15,978 shares of the company’s stock valued at $243,000 after buying an additional 1,096 shares during the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Veris Residential Company Profile

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.