Veris Residential (NYSE:VRE) Posts Earnings Results, Misses Estimates By $0.33 EPS

Veris Residential (NYSE:VRE) issued its quarterly earnings results on Wednesday. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.33), Zacks reports. The firm had revenue of $70.10 million for the quarter, compared to analysts’ expectations of $68.06 million. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%.

Veris Residential Trading Down 0.0%

Shares of Veris Residential stock opened at $18.91 on Thursday. Veris Residential has a 1 year low of $13.69 and a 1 year high of $19.03. The firm has a market cap of $1.77 billion, a PE ratio of 23.64, a PEG ratio of 3.14 and a beta of 1.15. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68. The company has a 50 day simple moving average of $18.57 and a two-hundred day simple moving average of $16.18.

Veris Residential Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Tuesday, March 31st were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, March 31st. Veris Residential’s dividend payout ratio (DPR) is currently 40.00%.

Hedge Funds Weigh In On Veris Residential

Institutional investors have recently made changes to their positions in the stock. H 2 Credit Manager LP increased its stake in Veris Residential by 27.4% in the fourth quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock valued at $81,435,000 after acquiring an additional 1,175,500 shares during the last quarter. Madison International Realty Holdings LLC bought a new stake in Veris Residential during the third quarter worth about $78,875,000. State Street Corp boosted its holdings in shares of Veris Residential by 2.5% in the 2nd quarter. State Street Corp now owns 4,729,420 shares of the company’s stock worth $70,790,000 after purchasing an additional 115,670 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Veris Residential by 4.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,579,123 shares of the company’s stock valued at $23,497,000 after purchasing an additional 73,002 shares during the last quarter. Finally, Woodline Partners LP bought a new position in shares of Veris Residential during the 3rd quarter valued at about $22,504,000. Institutional investors own 93.04% of the company’s stock.

Analyst Upgrades and Downgrades

VRE has been the topic of a number of research reports. Wall Street Zen cut Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. Truist Financial boosted their price target on shares of Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a research report on Tuesday, March 24th. Finally, Citigroup boosted their price objective 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 stock. Based on data from MarketBeat, Veris Residential currently has an average rating of “Hold” and an average target price of $19.50.

Veris Residential Company Profile

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.