Veris Residential (NYSE:VRE) Releases Earnings Results, Misses Estimates By $0.11 EPS

Veris Residential (NYSE:VRE) released its quarterly earnings data on Wednesday. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11), Zacks reports. The business had revenue of $67.48 million during the quarter, compared to analyst estimates of $67.73 million. Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.53%. During the same period in the previous year, the firm posted $0.16 EPS. Veris Residential updated its FY 2024 guidance to 0.520-0.560 EPS.

Veris Residential Stock Up 2.1 %

VRE stock traded up $0.33 during trading on Friday, reaching $15.90. 118,119 shares of the stock were exchanged, compared to its average volume of 686,748. The stock has a 50 day simple moving average of $15.15 and a 200-day simple moving average of $15.07. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 1.46. Veris Residential has a twelve month low of $13.06 and a twelve month high of $18.98.

Veris Residential Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Investors of record on Wednesday, July 3rd were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Wednesday, July 3rd. This is a boost from Veris Residential’s previous quarterly dividend of $0.05. Veris Residential’s dividend payout ratio (DPR) is presently -24.00%.

Insider Buying and Selling at Veris Residential

In other news, Director Nori Gerardo Lietz acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were bought at an average price of $14.31 per share, with a total value of $143,100.00. Following the acquisition, the director now owns 39,687 shares of the company’s stock, valued at $567,920.97. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Veris Residential news, Director Nori Gerardo Lietz acquired 10,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was bought at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the purchase, the director now owns 39,687 shares in the company, valued at approximately $567,920.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mahbod Nia acquired 35,000 shares of Veris Residential stock in a transaction dated Thursday, June 20th. The shares were acquired at an average cost of $14.32 per share, with a total value of $501,200.00. Following the completion of the acquisition, the chief executive officer now directly owns 380,869 shares in the company, valued at approximately $5,454,044.08. The disclosure for this purchase can be found here. Insiders own 15.00% of the company’s stock.

Wall Street Analysts Forecast Growth

VRE has been the topic of several recent research reports. Truist Financial cut their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Evercore ISI cut their price objective on Veris Residential from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Finally, JPMorgan Chase & Co. boosted their target price on Veris Residential from $11.00 to $13.00 and gave the stock an “underweight” rating in a report on Monday, June 17th.

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.