Evercore ISI Reiterates “In-Line” Rating for Veris Residential (NYSE:VRE)

Veris Residential (NYSE:VRE)‘s stock had its “in-line” rating reissued by analysts at Evercore ISI in a research report issued on Wednesday,Benzinga reports. They presently have a $18.00 target price on the stock, down from their previous target price of $20.00. Evercore ISI’s price objective suggests a potential upside of 11.00% from the company’s current price.

A number of other analysts have also recently weighed in on VRE. JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and increased their price target for the stock from $20.00 to $23.00 in a report on Tuesday, November 12th.

Veris Residential Stock Up 1.4 %

VRE stock opened at $16.22 on Wednesday. Veris Residential has a 12 month low of $13.84 and a 12 month high of $18.85. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -95.38, a price-to-earnings-growth ratio of 2.50 and a beta of 1.27. The company has a fifty day moving average price of $16.06 and a 200 day moving average price of $16.97.

Veris Residential (NYSE:VRE) last announced its earnings results on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The business had revenue of $68.08 million during the quarter, compared to analysts’ expectations of $66.98 million. Sell-side analysts expect that Veris Residential will post 0.61 earnings per share for the current year.

Institutional Investors Weigh In On Veris Residential

A number of hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in Veris Residential by 35.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after purchasing an additional 755 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in shares of Veris Residential by 0.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 100,000 shares of the company’s stock valued at $1,786,000 after buying an additional 900 shares in the last quarter. Inspire Investing LLC grew its holdings in Veris Residential by 5.0% during the fourth quarter. Inspire Investing LLC now owns 24,297 shares of the company’s stock worth $404,000 after acquiring an additional 1,149 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Veris Residential by 1.1% during the third quarter. Public Employees Retirement System of Ohio now owns 116,412 shares of the company’s stock worth $2,079,000 after acquiring an additional 1,220 shares during the period. Finally, Van ECK Associates Corp raised its position in Veris Residential by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 14,870 shares of the company’s stock worth $247,000 after acquiring an additional 1,378 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 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.