JPMorgan Chase & Co. Raises Veris Residential (NYSE:VRE) Price Target to $14.00

Veris Residential (NYSE:VRE) had its price objective upped by JPMorgan Chase & Co. from $13.00 to $14.00 in a research report released on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

A number of other brokerages also recently commented on VRE. Truist Financial lowered their price objective on Veris Residential from $15.00 to $14.00 and set a hold rating for the company in a research report on Monday, June 24th. Evercore ISI lifted their price target on shares of Veris Residential from $17.00 to $19.00 and gave the stock an outperform rating in a research note on Wednesday, August 28th.

Veris Residential Price Performance

Veris Residential stock opened at $17.83 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.33. Veris Residential has a 52-week low of $13.06 and a 52-week high of $18.17. The firm has a market cap of $1.65 billion, a PE ratio of -17.83, a price-to-earnings-growth ratio of 6.67 and a beta of 1.25. The company’s 50 day moving average is $16.50 and its two-hundred day moving average is $15.46.

Veris Residential (NYSE:VRE) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11). Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. The company had revenue of $67.48 million during the quarter, compared to analyst estimates of $67.73 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. On average, research analysts expect that Veris Residential will post 0.54 EPS for the current fiscal year.

Veris Residential Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be issued a $0.07 dividend. 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 1.57%. This is an increase from Veris Residential’s previous quarterly dividend of $0.06. Veris Residential’s dividend payout ratio is presently -28.00%.

Institutional Investors Weigh In On Veris Residential

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC raised its holdings 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 worth $41,000 after purchasing an additional 2,167 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Veris Residential during the 2nd quarter worth $48,000. Quarry LP purchased a new stake in Veris Residential in the second quarter valued at $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Veris Residential in the first quarter valued at $152,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Veris Residential during the first quarter worth about $156,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.

About Veris Residential

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.