Veris Residential (NYSE:VRE) Sees Large Volume Increase – Should You Buy?

Veris Residential, Inc. (NYSE:VRE) shares saw unusually-high trading volume on Thursday . Approximately 1,114,204 shares were traded during mid-day trading, a decline of 25% from the previous session’s volume of 1,486,431 shares.The stock last traded at $18.9150 and had previously closed at $18.93.

Wall Street Analyst Weigh In

VRE has been the subject of a number of 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 downgraded Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial boosted their price target on Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a research note on Tuesday, March 24th. Finally, Citigroup boosted their price target on Veris Residential from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Veris Residential presently has an average rating of “Hold” and an average target price of $19.50.

Veris Residential Price Performance

The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 3.14 and a beta of 1.15. The business has a fifty day moving average price of $18.57 and a 200 day moving average price of $16.18.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.33). Veris Residential had a return on equity of 5.73% and a net margin of 26.08%.The business had revenue of $70.10 million for the quarter, compared to analyst estimates of $68.06 million. As a group, research analysts anticipate that Veris Residential, Inc. will post 0.78 earnings per share for the current year.

Veris Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.7%. Veris Residential’s payout ratio is 40.00%.

Hedge Funds Weigh In On Veris Residential

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Veris Residential by 71.1% during the 4th quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock worth $29,000 after buying an additional 812 shares in the last quarter. Hantz Financial Services Inc. grew its position in Veris Residential by 720.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after acquiring an additional 1,872 shares during the last quarter. Covestor Ltd grew its position in Veris Residential by 29.0% during the 3rd quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after acquiring an additional 736 shares during the last quarter. Quarry LP grew its position in Veris Residential by 746.6% during the 3rd quarter. Quarry LP now owns 4,326 shares of the company’s stock worth $66,000 after acquiring an additional 3,815 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec grew its position in Veris Residential by 21.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 6,030 shares of the company’s stock worth $90,000 after acquiring an additional 1,078 shares during the last quarter. Institutional investors and hedge funds 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.