Veris Residential (NYSE:VRE) Price Target Increased to $14.00 by Analysts at JPMorgan Chase & Co.

Veris Residential (NYSE:VRE) had its price objective lifted by JPMorgan Chase & Co. from $13.00 to $14.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have an underweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Evercore ISI raised their price objective on Veris Residential from $17.00 to $19.00 and gave the stock an outperform rating in a research note on Wednesday, August 28th. Truist Financial lowered their price objective on shares of Veris Residential from $15.00 to $14.00 and set a hold rating for the company in a research report on Monday, June 24th.

Veris Residential Price Performance

Shares of NYSE VRE opened at $17.93 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 fifty-two week low of $13.06 and a fifty-two week high of $18.17. The business has a 50 day moving average price of $16.50 and a two-hundred day moving average price of $15.46. The firm has a market cap of $1.66 billion, a PE ratio of -17.93, a price-to-earnings-growth ratio of 6.67 and a beta of 1.25.

Veris Residential (NYSE:VRE) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share 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 analyst estimates 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 in the previous year, the business posted $0.16 EPS. Sell-side analysts expect that Veris Residential will post 0.54 earnings per share for the current fiscal year.

Veris Residential Increases Dividend

The company also recently declared 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. This is an increase from Veris Residential’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.28 annualized dividend and a dividend yield of 1.56%. Veris Residential’s payout ratio is -28.00%.

Hedge Funds Weigh In On Veris Residential

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Veris Residential by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 12,439,064 shares of the company’s stock worth $189,198,000 after purchasing an additional 88,634 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Veris Residential by 1.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,194,049 shares of the company’s stock worth $17,911,000 after buying an additional 13,943 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Veris Residential by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company’s stock valued at $17,217,000 after acquiring an additional 65,180 shares during the period. DigitalBridge Group Inc. bought a new stake in shares of Veris Residential during the second quarter valued at about $13,673,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its stake in shares of Veris Residential by 115.3% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 764,760 shares of the company’s stock worth $12,030,000 after acquiring an additional 409,631 shares during the period. Institutional investors 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.