Veris Residential (NYSE:VRE) Given New $19.00 Price Target at Evercore ISI

Veris Residential (NYSE:VRE) had its price objective upped by Evercore ISI from $17.00 to $19.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities analysts have also issued reports on the company. Truist Financial decreased their target price on Veris Residential from $15.00 to $14.00 and set a hold rating on the stock in a research note on Monday, June 24th. JPMorgan Chase & Co. raised their price target on shares of Veris Residential from $11.00 to $13.00 and gave the company an underweight rating in a research report on Monday, June 17th.

Veris Residential Stock Performance

Shares of Veris Residential stock opened at $17.54 on Wednesday. The business’s fifty day simple moving average is $15.81 and its 200-day simple moving average is $15.25. Veris Residential has a 52 week low of $13.06 and a 52 week high of $18.98. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.33. The firm has a market cap of $1.62 billion, a PE ratio of -17.54, a price-to-earnings-growth ratio of 6.10 and a beta of 1.26.

Veris Residential (NYSE:VRE) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). 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 8.55% and a negative net margin of 21.79%. During the same period in the previous year, the business posted $0.16 EPS. Equities analysts forecast that Veris Residential will post 0.54 earnings per share for the current year.

Veris Residential Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be given a dividend of $0.07 per share. This is a boost from Veris Residential’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, September 30th. Veris Residential’s payout ratio is -28.00%.

Insiders Place Their Bets

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

Institutional Trading of Veris Residential

A number of large investors have recently bought and sold shares of VRE. DigitalBridge Group Inc. purchased a new position in Veris Residential during the 2nd quarter worth $13,673,000. Nordea Investment Management AB purchased a new position in Veris Residential in the 1st quarter valued at approximately $8,503,000. Norges Bank purchased a new position in Veris Residential during the 4th quarter valued at about $8,154,000. Daiwa Securities Group Inc. increased its stake in shares of Veris Residential by 1,983.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 507,104 shares of the company’s stock worth $7,713,000 after purchasing an additional 482,764 shares in the last quarter. Finally, AXA S.A. purchased a new position in Veris Residential during the second quarter worth $6,392,000. 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.