Veris Residential (NYSE:VRE) Price Target Raised to $17.00 at Truist Financial

Veris Residential (NYSE:VRE) had its price objective raised by Truist Financial from $16.00 to $17.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price objective suggests a potential upside of 4.91% from the stock’s previous close.

VRE has been the topic of a number of other reports. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $23.00 in a research report on Tuesday, November 12th. JPMorgan Chase & Co. raised Veris Residential from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $14.00 to $17.00 in a report on Tuesday, December 17th. Finally, Evercore ISI restated an “in-line” rating and set a $18.00 price objective (down from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th.

Veris Residential Stock Down 1.4 %

Shares of VRE stock opened at $16.21 on Monday. Veris Residential has a 12 month low of $13.84 and a 12 month high of $18.85. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. The firm has a market cap of $1.51 billion, a PE ratio of -95.32, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. The stock has a 50 day moving average of $16.07 and a 200-day moving average of $16.98.

Veris Residential (NYSE:VRE) last released its earnings results on Monday, February 24th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.01). The company had revenue of $68.08 million for the quarter, compared to analyst estimates of $66.98 million. Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. On average, equities analysts predict that Veris Residential will post 0.61 EPS for the current year.

Institutional Investors Weigh In On Veris Residential

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Veris Residential by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 12,697,341 shares of the company’s stock worth $211,157,000 after buying an additional 331,354 shares during the period. Nuveen Asset Management LLC raised its stake in Veris Residential by 2.6% during the fourth quarter. Nuveen Asset Management LLC now owns 2,149,233 shares of the company’s stock worth $35,742,000 after acquiring an additional 53,564 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Veris Residential by 1.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,124,570 shares of the company’s stock worth $35,332,000 after acquiring an additional 21,713 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Veris Residential by 10.5% during the fourth quarter. Millennium Management LLC now owns 2,024,921 shares of the company’s stock valued at $33,674,000 after acquiring an additional 192,116 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Veris Residential by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock valued at $35,743,000 after purchasing an additional 21,133 shares in the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.

Veris Residential Company Profile

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.