Veris Residential (NYSE:VRE) Sees Large Volume Increase – Time to Buy?

Veris Residential, Inc. (NYSE:VRE) saw an uptick in trading volume on Thursday . 1,569,196 shares changed hands during mid-day trading, an increase of 140% from the previous session’s volume of 653,072 shares.The stock last traded at $15.62 and had previously closed at $15.42.

Analyst Ratings Changes

VRE has been the subject of several recent analyst reports. Wall Street Zen raised shares of Veris Residential from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Veris Residential currently has an average rating of “Hold” and a consensus price target of $18.67.

Veris Residential Trading Up 2.7%

The firm has a market cap of $1.48 billion, a P/E ratio of 23.63, a P/E/G ratio of 2.35 and a beta of 1.26. The stock has a 50 day simple moving average of $14.82 and a 200-day simple moving average of $14.86. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.13.

Hedge Funds Weigh In On Veris Residential

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

Veris Residential Company Profile

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.