Evercore ISI Reaffirms “In-Line” Rating for Veris Residential (NYSE:VRE)

Evercore ISI reissued their in-line rating on shares of Veris Residential (NYSE:VRE) in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm currently has a $18.00 price target on the stock, down from their previous price target of $20.00.

Other equities analysts also recently issued research reports about the company. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $23.00 in a report on Tuesday, November 12th. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $14.00 to $17.00 in a report on Tuesday, December 17th.

Veris Residential Trading Up 2.3 %

NYSE:VRE opened at $16.89 on Wednesday. The stock’s 50 day moving average price is $16.06 and its 200 day moving average price is $16.97. Veris Residential has a 52 week low of $13.84 and a 52 week high of $18.85. The company has a market capitalization of $1.57 billion, a P/E ratio of -99.32, a P/E/G ratio of 2.50 and a beta of 1.27. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73.

Veris Residential (NYSE:VRE) last released its quarterly earnings data on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The firm had revenue of $68.08 million during the quarter, compared to analyst estimates of $66.98 million. On average, research analysts forecast that Veris Residential will post 0.61 EPS for the current fiscal year.

Veris Residential Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 1.90%. Veris Residential’s dividend payout ratio (DPR) is presently -133.33%.

Hedge Funds Weigh In On Veris Residential

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRE. Mirae Asset Global Investments Co. Ltd. grew its holdings in Veris Residential by 35.5% during the third 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. abrdn plc boosted its position in shares of Veris Residential by 10.5% in the third quarter. abrdn plc now owns 15,671 shares of the company’s stock valued at $280,000 after acquiring an additional 1,495 shares during the period. Van ECK Associates Corp boosted its position in shares of Veris Residential by 12.3% in the third quarter. Van ECK Associates Corp now owns 13,492 shares of the company’s stock valued at $235,000 after acquiring an additional 1,481 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Veris Residential in the third quarter valued at approximately $445,000. Finally, Victory Capital Management Inc. boosted its position in shares of Veris Residential by 0.5% in the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock valued at $21,440,000 after acquiring an additional 6,421 shares during the period. 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.