Veris Residential (NYSE:VRE) Sees Unusually-High Trading Volume – Here’s What Happened

Veris Residential, Inc. (NYSE:VRE) saw an uptick in trading volume on Friday . 1,783,451 shares changed hands during trading, an increase of 13% from the previous session’s volume of 1,573,677 shares.The stock last traded at $18.8450 and had previously closed at $18.84.

Analyst Upgrades and Downgrades

VRE has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. Wall Street Zen lowered Veris Residential from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.67.

Veris Residential Stock Up 0.2%

The company has a market cap of $1.76 billion, a PE ratio of 23.59, a P/E/G ratio of 3.31 and a beta of 1.21. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.08. The firm’s fifty day simple moving average is $16.81 and its 200-day simple moving average is $15.61.

Veris Residential (NYSE:VRE) last released its quarterly earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. The business had revenue of $71.31 million for the quarter, compared to analyst estimates of $70.85 million. As a group, equities research analysts expect that Veris Residential, Inc. will post 0.61 earnings per share for the current fiscal year.

Veris Residential Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.32 annualized dividend and a yield of 1.7%. Veris Residential’s dividend payout ratio (DPR) is presently 40.00%.

Institutional Trading of Veris Residential

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC boosted its stake in shares of Veris Residential by 42.0% during the fourth quarter. Hsbc Holdings PLC now owns 191,450 shares of the company’s stock valued at $2,851,000 after acquiring an additional 56,666 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Veris Residential by 12.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 69,975 shares of the company’s stock valued at $1,041,000 after purchasing an additional 7,776 shares during the last quarter. Inspire Investing LLC lifted its holdings in Veris Residential by 5.2% in the 4th quarter. Inspire Investing LLC now owns 31,331 shares of the company’s stock valued at $466,000 after purchasing an additional 1,537 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Veris Residential during the 4th quarter worth about $8,968,000. Finally, Boothbay Fund Management LLC boosted its stake in shares of Veris Residential by 22.1% during the 4th quarter. Boothbay Fund Management LLC now owns 949,833 shares of the company’s stock worth $14,134,000 after purchasing an additional 171,796 shares during the last quarter. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Company Profile

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.