Veris Residential (NYSE:VRE) Reaches New 1-Year High – Still a Buy?

Veris Residential, Inc. (NYSE:VRE)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $18.78 and last traded at $18.70, with a volume of 5882 shares traded. The stock had previously closed at $18.58.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Evercore ISI boosted their price target on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $23.00 in a report on Tuesday. Finally, JPMorgan Chase & Co. increased their price objective on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th.

Veris Residential Stock Performance

The business’s 50 day simple moving average is $17.46 and its two-hundred day simple moving average is $16.21. The firm has a market capitalization of $1.73 billion, a P/E ratio of -109.29, a price-to-earnings-growth ratio of 5.17 and a beta of 1.26. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34.

Hedge Funds Weigh In On Veris Residential

A number of hedge funds have recently bought and sold shares of VRE. DigitalBridge Group Inc. bought a new stake in Veris Residential in the 2nd quarter worth approximately $13,673,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Veris Residential by 491.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock worth $11,013,000 after acquiring an additional 512,406 shares during the period. AXA S.A. purchased a new stake in Veris Residential during the second quarter valued at $6,392,000. Marshall Wace LLP bought a new position in Veris Residential in the second quarter valued at about $5,502,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Veris Residential in the second quarter worth about $3,749,000. 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.