Veris Residential’s (VRE) In-Line Rating Reaffirmed at Evercore ISI

Evercore ISI restated their in-line rating on shares of Veris Residential (NYSE:VRE) in a report published on Wednesday, MarketBeat reports. They currently have a $18.00 price target on the stock, down from their previous price target of $20.00.

A number of other brokerages also recently commented on VRE. JPMorgan Chase & Co. upgraded shares of Veris Residential from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and increased their price target for the company from $20.00 to $23.00 in a report on Tuesday, November 12th.

Veris Residential Trading Down 0.6 %

NYSE VRE opened at $16.10 on Wednesday. The firm has a 50 day moving average of $16.05 and a two-hundred day moving average of $16.96. Veris Residential has a 52 week low of $13.84 and a 52 week high of $18.85. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $1.50 billion, a PE ratio of -94.70, a price-to-earnings-growth ratio of 2.50 and a beta of 1.27.

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

Institutional Investors Weigh In On Veris Residential

Hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new stake in shares of Veris Residential during the fourth quarter valued at approximately $25,000. Covestor Ltd boosted its holdings in Veris Residential by 11,246.7% in the fourth quarter. Covestor Ltd now owns 1,702 shares of the company’s stock worth $28,000 after purchasing an additional 1,687 shares during the period. Sterling Capital Management LLC boosted its holdings in shares of Veris Residential by 824.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,515 shares of the company’s stock valued at $42,000 after acquiring an additional 2,243 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Veris Residential during the fourth quarter valued at $45,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of 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 acquiring an additional 755 shares during the period. 93.04% of the stock is owned by institutional investors and hedge funds.

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.