Veris Residential, Inc. (NYSE:VRE) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Veris Residential, Inc. (NYSE:VRE) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $19.20.

A number of brokerages have recently weighed in on VRE. Wall Street Zen raised Veris Residential from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. BTIG Research dropped their price objective on Veris Residential from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, July 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Veris Residential in a research note on Wednesday. Finally, Evercore ISI lifted their price objective on Veris Residential from $17.50 to $18.00 and gave the company an “in-line” rating in a research note on Friday, July 25th.

Institutional Investors Weigh In On Veris Residential

Institutional investors have recently modified their holdings of the company. California State Teachers Retirement System grew its stake in Veris Residential by 10.3% during the 4th quarter. California State Teachers Retirement System now owns 77,804 shares of the company’s stock worth $1,294,000 after purchasing an additional 7,276 shares in the last quarter. GAMMA Investing LLC grew its stake in Veris Residential by 1,629.2% during the 1st quarter. GAMMA Investing LLC now owns 22,808 shares of the company’s stock worth $386,000 after purchasing an additional 21,489 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new position in Veris Residential during the 1st quarter worth $213,000. Handelsbanken Fonder AB grew its stake in Veris Residential by 11.9% during the 1st quarter. Handelsbanken Fonder AB now owns 31,857 shares of the company’s stock worth $539,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Exchange Traded Concepts LLC acquired a new position in Veris Residential during the 1st quarter worth $810,000. 93.04% of the stock is owned by institutional investors and hedge funds.

Veris Residential Price Performance

VRE stock opened at $14.41 on Monday. The business has a fifty day moving average of $15.02 and a two-hundred day moving average of $15.14. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.47. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -62.65, a price-to-earnings-growth ratio of 2.49 and a beta of 1.35. Veris Residential has a 52-week low of $13.69 and a 52-week high of $18.85.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, July 23rd. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.03. The company had revenue of $75.93 million during the quarter, compared to analysts’ expectations of $69.06 million. Veris Residential had a negative return on equity of 1.89% and a negative net margin of 7.84%. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. As a group, research analysts anticipate that Veris Residential will post 0.61 earnings per share for the current year.

Veris Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.2%. Veris Residential’s payout ratio is presently -139.13%.

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.