Evercore ISI Cuts Veris Residential (NYSE:VRE) Price Target to $16.00

Veris Residential (NYSE:VRE) had its target price trimmed by Evercore ISI from $17.00 to $16.00 in a research report released on Thursday, Benzinga reports. The firm currently has an outperform rating on the stock.

VRE has been the subject of several other reports. JPMorgan Chase & Co. raised their target price on shares of Veris Residential from $11.00 to $13.00 and gave the company an underweight rating in a research note on Monday, June 17th. Truist Financial decreased their price target on Veris Residential from $15.00 to $14.00 and set a hold rating for the company in a research note on Tuesday, April 9th.

Veris Residential Stock Performance

Shares of Veris Residential stock opened at $14.48 on Thursday. The company has a market capitalization of $1.34 billion, a PE ratio of -14.48, a P/E/G ratio of 4.57 and a beta of 1.25. The company has a 50-day simple moving average of $14.97 and a two-hundred day simple moving average of $15.10. Veris Residential has a one year low of $13.06 and a one year high of $18.98. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.35 and a current ratio of 2.35.

Veris Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Wednesday, July 3rd will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This is a positive change from Veris Residential’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.66%. Veris Residential’s payout ratio is -21.00%.

Hedge Funds Weigh In On Veris Residential

Several hedge funds have recently made changes to their positions in VRE. Allspring Global Investments Holdings LLC raised its position in Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after buying an additional 2,167 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Veris Residential in the 1st quarter valued at $152,000. Quadrature Capital Ltd purchased a new stake in Veris Residential during the first quarter worth $156,000. Cornerstone Investment Partners LLC purchased a new stake in shares of Veris Residential during the 1st quarter worth about $167,000. Finally, Van ECK Associates Corp boosted its position in Veris Residential by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 11,088 shares of the company’s stock worth $174,000 after purchasing an additional 1,823 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.