Veris Residential (NYSE:VRE) Sees Unusually-High Trading Volume – What’s Next?

Veris Residential, Inc. (NYSE:VRE) saw unusually-strong trading volume on Tuesday . Approximately 868,965 shares traded hands during trading, an increase of 62% from the previous session’s volume of 535,838 shares.The stock last traded at $14.50 and had previously closed at $14.37.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on VRE shares. Wall Street Zen raised shares of Veris Residential from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Evercore ISI lifted their target price on Veris Residential from $17.50 to $18.00 and gave the stock an “in-line” rating in a research note on Friday, July 25th. BTIG Research lowered their target price on Veris Residential from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, July 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Veris Residential in a research note on Thursday, October 30th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Veris Residential currently has an average rating of “Hold” and a consensus target price of $19.20.

Veris Residential Stock Up 1.1%

The stock has a 50 day moving average of $15.14 and a 200-day moving average of $14.99. The firm has a market capitalization of $1.36 billion, a P/E ratio of 21.69, a PEG ratio of 2.27 and a beta of 1.35. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.53 and a current ratio of 0.53.

Veris Residential (NYSE:VRE) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.05. Veris Residential had a return on equity of 4.72% and a net margin of 22.09%.The business had revenue of $73.44 million for the quarter, compared to analysts’ expectations of $73.74 million. Veris Residential has set its FY 2025 guidance at 0.670-0.680 EPS. Research analysts predict that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.2%. Veris Residential’s dividend payout ratio is currently 47.76%.

Institutional Investors Weigh In On Veris Residential

Several hedge funds and other institutional investors have recently modified their holdings of VRE. Nuveen LLC bought a new stake in shares of Veris Residential during the first quarter valued at about $34,817,000. Balyasny Asset Management L.P. increased its position in shares of Veris Residential by 138.7% during the second quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after buying an additional 620,708 shares during the period. Prudential Financial Inc. increased its position in shares of Veris Residential by 9.3% during the second quarter. Prudential Financial Inc. now owns 4,978,947 shares of the company’s stock valued at $74,137,000 after buying an additional 423,683 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Veris Residential by 72.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company’s stock valued at $17,033,000 after buying an additional 423,482 shares during the period. Finally, Qube Research & Technologies Ltd increased its position in shares of Veris Residential by 62.7% during the second quarter. Qube Research & Technologies Ltd now owns 991,419 shares of the company’s stock valued at $14,762,000 after buying an additional 382,040 shares during the period. 93.04% of the stock is currently owned by institutional investors.

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.