Veris Residential (NYSE:VRE) Announces Quarterly Earnings Results

Veris Residential (NYSE:VRE) released its quarterly earnings results on Wednesday. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.11), Zacks reports. The company had revenue of $67.48 million for the quarter, compared to analysts’ expectations of $67.73 million. Veris Residential had a negative return on equity of 8.53% and a negative net margin of 21.79%. During the same period in the previous year, the business posted $0.16 EPS. Veris Residential updated its FY 2024 guidance to 0.520-0.560 EPS.

Veris Residential Stock Up 3.1 %

Shares of NYSE:VRE traded up $0.48 during trading on Friday, hitting $16.05. The company’s stock had a trading volume of 276,523 shares, compared to its average volume of 687,856. The company has a market capitalization of $1.49 billion, a PE ratio of -16.00, a PEG ratio of 4.89 and a beta of 1.26. Veris Residential has a fifty-two week low of $13.06 and a fifty-two week high of $18.98. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.35 and a current ratio of 2.35. The stock’s 50-day moving average price is $15.15 and its two-hundred day moving average price is $15.07.

Veris Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Wednesday, July 3rd were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Wednesday, July 3rd. This is a boost from Veris Residential’s previous quarterly dividend of $0.05. Veris Residential’s payout ratio is currently -24.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Truist Financial dropped their price target on Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Evercore ISI lowered their price objective on Veris Residential from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. lifted their target price on Veris Residential from $11.00 to $13.00 and gave the company an “underweight” rating in a report on Monday, June 17th.

Insider Activity at Veris Residential

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

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.