Veris Residential (NYSE:VRE) Reaches New 12-Month High at $18.11

Veris Residential, Inc. (NYSE:VRE) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $18.11 and last traded at $18.00, with a volume of 18751 shares. The stock had previously closed at $17.99.

Analyst Ratings Changes

A number of research analysts have weighed in on VRE shares. JPMorgan Chase & Co. lifted their price target on shares of Veris Residential from $11.00 to $13.00 and gave the company an “underweight” rating in a research note on Monday, June 17th. Evercore ISI increased their target price on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Truist Financial cut their price objective on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research report on Monday, June 24th.

Veris Residential Trading Down 0.2 %

The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -17.99, a P/E/G ratio of 6.67 and a beta of 1.25. The business has a 50-day simple moving average of $16.33 and a two-hundred day simple moving average of $15.39. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.84 and a quick ratio of 0.84.

Veris Residential (NYSE:VRE) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). The company had revenue of $67.48 million for the quarter, compared to the consensus estimate of $67.73 million. Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. During the same period last year, the firm earned $0.16 earnings per share. Equities analysts forecast that Veris Residential, Inc. will post 0.54 EPS for the current fiscal year.

Veris Residential Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.56%. This is an increase from Veris Residential’s previous quarterly dividend of $0.06. Veris Residential’s dividend payout ratio (DPR) is currently -28.00%.

Insider Activity

In other Veris Residential news, CEO Mahbod Nia bought 35,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were purchased at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the transaction, the chief executive officer now directly owns 380,869 shares in the company, valued at approximately $5,454,044.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Nori Gerardo Lietz acquired 10,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was acquired at an average cost of $14.31 per share, for a total transaction of $143,100.00. Following the transaction, the director now directly owns 39,687 shares in the company, valued at $567,920.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mahbod Nia bought 35,000 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was bought at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the transaction, the chief executive officer now directly owns 380,869 shares of the company’s stock, valued at $5,454,044.08. The disclosure for this purchase can be found here. 15.00% of the stock is currently owned by company insiders.

Institutional Trading of Veris Residential

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in Veris Residential by 417.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after acquiring an additional 2,167 shares during the last quarter. Quarry LP bought a new stake in shares of Veris Residential during the 2nd quarter valued at about $48,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Veris Residential during the 2nd quarter valued at about $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Veris Residential during the first quarter worth approximately $152,000. Finally, Quadrature Capital Ltd bought a new stake in Veris Residential in the first quarter worth approximately $156,000. 93.04% of the stock is currently owned by institutional investors.

Veris Residential Company Profile

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.