Veris Residential (NYSE:VRE) Hits New 1-Year High – Should You Buy?

Veris Residential, Inc. (NYSE:VRE)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $18.89 and last traded at $18.8750, with a volume of 283206 shares. The stock had previously closed at $18.85.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.67.

Veris Residential Stock Performance

The stock has a 50 day simple moving average of $16.18 and a 200 day simple moving average of $15.42. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08. The stock has a market cap of $1.76 billion, a P/E ratio of 23.58, a price-to-earnings-growth ratio of 3.32 and a beta of 1.20.

Veris Residential (NYSE:VRE) last issued its earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. The company had revenue of $71.31 million during the quarter, compared to analysts’ expectations of $70.85 million. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. On average, equities analysts expect that Veris Residential, Inc. will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. Veris Residential’s dividend payout ratio is 40.00%.

Hedge Funds Weigh In On Veris Residential

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in shares of Veris Residential by 26.6% during the first quarter. Royal Bank of Canada now owns 17,263 shares of the company’s stock valued at $292,000 after acquiring an additional 3,623 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Veris Residential by 88.8% in the 1st quarter. AQR Capital Management LLC now owns 54,273 shares of the company’s stock worth $911,000 after purchasing an additional 25,520 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Veris Residential by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,695 shares of the company’s stock valued at $790,000 after purchasing an additional 2,064 shares during the period. Goldman Sachs Group Inc. increased its stake in Veris Residential by 72.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company’s stock valued at $17,033,000 after purchasing an additional 423,482 shares in the last quarter. Finally, Jane Street Group LLC lifted its stake in shares of Veris Residential by 234.4% in the first quarter. Jane Street Group LLC now owns 113,848 shares of the company’s stock valued at $1,926,000 after buying an additional 79,802 shares in the last quarter. 93.04% of the stock is currently owned by institutional investors.

About Veris Residential

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.