Veris Residential (NYSE:VRE) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Veris Residential (NYSE:VRE) from a neutral rating to a buy rating in a research report released on Tuesday morning, MarketBeat reports. The firm currently has $23.00 target price on the stock, up from their prior target price of $20.00.

A number of other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Evercore ISI raised their price objective on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th.

Veris Residential Stock Performance

NYSE:VRE opened at $18.23 on Tuesday. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -106.41, a PEG ratio of 5.13 and a beta of 1.26. The business has a 50 day moving average of $17.42 and a 200 day moving average of $16.16. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. Veris Residential has a 1-year low of $13.27 and a 1-year high of $18.70.

Institutional Investors Weigh In On Veris Residential

Several institutional investors have recently added to or reduced their stakes in VRE. Lighthouse Investment Partners LLC bought a new position in shares of Veris Residential during the second quarter valued at about $2,175,000. Tidal Investments LLC increased its holdings in Veris Residential by 268.8% during the 1st quarter. Tidal Investments LLC now owns 50,959 shares of the company’s stock valued at $775,000 after purchasing an additional 37,141 shares during the period. Renaissance Technologies LLC raised its position in Veris Residential by 387.4% during the 2nd quarter. Renaissance Technologies LLC now owns 84,800 shares of the company’s stock valued at $1,272,000 after purchasing an additional 67,400 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Veris Residential by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after buying an additional 663 shares during the period. Finally, DigitalBridge Group Inc. bought a new stake in shares of Veris Residential in the 2nd quarter worth approximately $13,673,000. 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.