Veris Residential (NYSE:VRE) Releases Earnings Results, Misses Expectations By $0.35 EPS

Veris Residential (NYSE:VRE) issued its quarterly earnings data on Wednesday. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.35), Zacks reports. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%.

Veris Residential Stock Performance

NYSE:VRE traded down $0.01 during trading hours on Wednesday, hitting $18.92. 1,015,826 shares of the company traded hands, compared to its average volume of 1,494,909. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 23.64, a P/E/G ratio of 3.14 and a beta of 1.15. Veris Residential has a twelve month low of $13.69 and a twelve month high of $19.03. The firm has a 50-day moving average of $18.52 and a 200 day moving average of $16.16. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08.

Veris Residential Announces Dividend

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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.7%. The ex-dividend date was Tuesday, March 31st. Veris Residential’s dividend payout ratio is presently 40.00%.

Hedge Funds Weigh In On Veris Residential

Several large investors have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV raised its stake in Veris Residential by 12.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 69,975 shares of the company’s stock valued at $1,041,000 after purchasing an additional 7,776 shares during the last quarter. Inspire Investing LLC increased its holdings in Veris Residential by 5.2% in the 4th quarter. Inspire Investing LLC now owns 31,331 shares of the company’s stock valued at $466,000 after buying an additional 1,537 shares during the period. Balyasny Asset Management L.P. bought a new stake in Veris Residential in the 4th quarter valued at $8,968,000. AQR Capital Management LLC increased its holdings in Veris Residential by 103.9% in the 4th quarter. AQR Capital Management LLC now owns 373,064 shares of the company’s stock valued at $5,551,000 after buying an additional 190,092 shares during the period. Finally, H 2 Credit Manager LP increased its holdings in Veris Residential by 27.4% in the 4th quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock valued at $81,435,000 after buying an additional 1,175,500 shares during the period. 93.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on VRE shares. Truist Financial boosted their price objective on shares of Veris Residential from $15.00 to $19.00 and gave the stock a “hold” rating in a research note on Tuesday, March 24th. Weiss Ratings restated a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. Wall Street Zen cut shares of Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Citigroup upped their target price on shares of 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.