Veris Residential (NYSE:VRE) Sees Unusually-High Trading Volume Following Strong Earnings

Veris Residential, Inc. (NYSE:VREGet Free Report) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement. Approximately 4,042,354 shares changed hands during mid-day trading, an increase of 208% from the previous session’s volume of 1,314,187 shares.The stock last traded at $18.8050 and had previously closed at $18.81.

The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. Veris Residential had a return on equity of 4.72% and a net margin of 22.09%.The business had revenue of $71.31 million for the quarter, compared to analyst estimates of $70.85 million.

Trending Headlines about Veris Residential

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Analyst Ratings Changes

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

View Our Latest Report on VRE

Institutional Trading of Veris Residential

A number of institutional investors have recently bought and sold shares of VRE. GAMMA Investing LLC lifted its stake in shares of Veris Residential by 71.1% in the 4th quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock valued at $29,000 after purchasing an additional 812 shares during the period. Hantz Financial Services Inc. increased its position in shares of Veris Residential by 720.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock valued at $32,000 after buying an additional 1,872 shares in the last quarter. Covestor Ltd raised its stake in Veris Residential by 29.0% during the 3rd quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after buying an additional 736 shares during the period. Quarry LP grew its stake in Veris Residential by 746.6% in the third quarter. Quarry LP now owns 4,326 shares of the company’s stock valued at $66,000 after acquiring an additional 3,815 shares during the period. Finally, Federation des caisses Desjardins du Quebec raised its position in shares of Veris Residential by 21.8% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock worth $90,000 after purchasing an additional 1,078 shares during the period. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Stock Performance

The company has a debt-to-equity ratio of 1.13, a current ratio of 0.53 and a quick ratio of 0.53. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 28.07, a price-to-earnings-growth ratio of 2.60 and a beta of 1.26. The stock has a 50-day moving average price of $15.37 and a 200 day moving average price of $15.09.

Veris Residential Company Profile

(Get Free Report)

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.

Further Reading

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