Truist Financial Forecasts Strong Price Appreciation for Veris Residential (NYSE:VRE) Stock

Veris Residential (NYSE:VRE) had its price target increased by equities researchers at Truist Financial from $15.00 to $19.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target points to a potential upside of 0.40% from the stock’s previous close.

A number of other analysts have also commented on VRE. Wall Street Zen lowered Veris Residential from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.67.

Veris Residential Trading Down 0.0%

VRE traded down $0.01 during trading on Tuesday, hitting $18.93. 484,370 shares of the stock traded hands, compared to its average volume of 1,600,514. The firm has a 50-day moving average of $16.98 and a 200 day moving average of $15.66. Veris Residential has a 12-month low of $13.69 and a 12-month high of $18.97. The firm has a market capitalization of $1.77 billion, a P/E ratio of 23.66, a price-to-earnings-growth ratio of 3.25 and a beta of 1.20. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68.

Veris Residential (NYSE:VRE) last announced its quarterly earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%.The company had revenue of $71.31 million during the quarter, compared to analyst estimates of $70.85 million. Equities research analysts anticipate that Veris Residential will post 0.61 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Centerpoint Advisors LLC bought a new position in shares of Veris Residential during the third quarter valued at approximately $1,110,000. APG Asset Management US Inc. increased its position in Veris Residential by 107.1% during the 3rd quarter. APG Asset Management US Inc. now owns 696,155 shares of the company’s stock valued at $10,463,000 after purchasing an additional 360,031 shares during the period. DigitalBridge Group Inc. increased its holdings in Veris Residential by 16.0% during the second quarter. DigitalBridge Group Inc. now owns 818,694 shares of the company’s stock valued at $12,190,000 after buying an additional 112,700 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Veris Residential by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,374,440 shares of the company’s stock worth $36,091,000 after purchasing an additional 501,725 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Veris Residential by 11.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 490,403 shares of the company’s stock valued at $7,302,000 after buying an additional 50,924 shares in the last quarter. Institutional investors own 93.04% of the company’s stock.

About Veris Residential

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.