Veris Residential (NYSE:VRE) Price Target Raised to $14.00

Veris Residential (NYSE:VRE) had its price objective upped by JPMorgan Chase & Co. from $13.00 to $14.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 21.96% from the stock’s current price.

VRE has been the subject of several other reports. Truist Financial lowered their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a research note on Monday, June 24th. Evercore ISI upped their price target on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th.

Veris Residential Trading Down 0.3 %

Shares of NYSE VRE traded down $0.05 during trading on Monday, hitting $17.94. 73,082 shares of the company traded hands, compared to its average volume of 642,098. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.33. The firm has a market capitalization of $1.66 billion, a P/E ratio of -17.92, a P/E/G ratio of 6.67 and a beta of 1.25. The company has a 50-day moving average price of $16.33 and a 200-day moving average price of $15.39. Veris Residential has a 1 year low of $13.06 and a 1 year high of $18.15.

Veris Residential (NYSE:VRE) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11). The business had revenue of $67.48 million for the quarter, compared to analysts’ expectations of $67.73 million. Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. During the same quarter in the prior year, the firm earned $0.16 earnings per share. On average, equities analysts predict that Veris Residential will post 0.54 EPS for the current year.

Insider Activity at Veris Residential

In other news, CEO Mahbod Nia bought 35,000 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were bought at an average cost of $14.32 per share, with a total value of $501,200.00. Following the purchase, the chief executive officer now directly owns 380,869 shares in the company, valued at $5,454,044.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Mahbod Nia bought 35,000 shares of the stock in a transaction on Thursday, June 20th. The shares were purchased at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the purchase, the chief executive officer now directly owns 380,869 shares of the company’s stock, valued at approximately $5,454,044.08. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Nori Gerardo Lietz purchased 10,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were purchased at an average cost of $14.31 per share, with a total value of $143,100.00. Following the completion of the purchase, the director now directly owns 39,687 shares in the company, valued at $567,920.97. The disclosure for this purchase can be found here. 15.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Veris Residential

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its holdings in shares of Veris Residential by 5.8% during the second quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after buying an additional 663 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Veris Residential by 2.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock worth $608,000 after acquiring an additional 800 shares during the period. Texas Permanent School Fund Corp raised its position in Veris Residential by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 70,177 shares of the company’s stock worth $1,067,000 after purchasing an additional 897 shares in the last quarter. ProShare Advisors LLC lifted its stake in Veris Residential by 7.4% during the first quarter. ProShare Advisors LLC now owns 15,978 shares of the company’s stock worth $243,000 after purchasing an additional 1,096 shares during the period. Finally, Vert Asset Management LLC raised its holdings in shares of Veris Residential by 4.9% in the 1st quarter. Vert Asset Management LLC now owns 28,852 shares of the company’s stock worth $439,000 after buying an additional 1,354 shares in the last quarter. 93.04% of the stock is currently 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.