Veris Residential (NYSE:VRE) Hits New 12-Month High – Here’s Why

Veris Residential, Inc. (NYSE:VRE)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $19.03 and last traded at $18.9150, with a volume of 108827 shares traded. The stock had previously closed at $18.95.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on VRE shares. Citigroup boosted their target price on shares of Veris Residential from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 1st. Truist Financial increased their price target on shares of Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a research note on Tuesday, March 24th. Weiss Ratings reissued a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Finally, Wall Street Zen cut shares of Veris Residential from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Veris Residential currently has a consensus rating of “Hold” and an average target price of $19.50.

Veris Residential Stock Down 0.1%

The firm’s 50-day simple moving average is $17.72 and its 200 day simple moving average is $15.85. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $1.77 billion, a P/E ratio of 23.66, a PEG ratio of 3.26 and a beta of 1.15.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Monday, February 23rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%.The business had revenue of $71.31 million for the quarter, compared to analyst estimates of $70.85 million. On average, research analysts forecast that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date 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 (DPR) is 40.00%.

Institutional Trading of Veris Residential

Institutional investors and hedge funds have recently modified their holdings of the stock. Centerpoint Advisors LLC bought a new position in Veris Residential during the 3rd quarter worth approximately $1,110,000. JPMorgan Chase & Co. increased its stake in Veris Residential by 26.8% in the third quarter. JPMorgan Chase & Co. now owns 2,374,440 shares of the company’s stock valued at $36,091,000 after purchasing an additional 501,725 shares in the last quarter. APG Asset Management US Inc. raised its holdings in Veris Residential by 107.1% in the third quarter. APG Asset Management US Inc. now owns 696,155 shares of the company’s stock worth $10,463,000 after purchasing an additional 360,031 shares during the period. Boothbay Fund Management LLC raised its holdings in Veris Residential by 59.5% in the third quarter. Boothbay Fund Management LLC now owns 778,037 shares of the company’s stock worth $11,826,000 after purchasing an additional 290,169 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of Veris Residential by 11.6% during the second quarter. Daiwa Securities Group Inc. now owns 490,403 shares of the company’s stock worth $7,302,000 after purchasing an additional 50,924 shares in the last quarter. 93.04% of the stock is 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.