Truist Financial Cuts Veris Residential (NYSE:VRE) Price Target to $14.00

Veris Residential (NYSE:VRE) had its target price lowered by Truist Financial from $15.00 to $14.00 in a research note issued to investors on Monday, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other equities research analysts have also issued reports on the company. JPMorgan Chase & Co. raised their price objective on Veris Residential from $11.00 to $13.00 and gave the company an underweight rating in a research note on Monday, June 17th. Evercore ISI lowered their price objective on shares of Veris Residential from $17.00 to $16.00 and set an outperform rating for the company in a research note on Thursday, June 20th.

Veris Residential Stock Up 1.3 %

VRE opened at $14.60 on Monday. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $1.35 billion, a PE ratio of -14.60, a price-to-earnings-growth ratio of 4.53 and a beta of 1.25. Veris Residential has a 52 week low of $13.06 and a 52 week high of $18.98. The firm has a 50-day simple moving average of $14.99 and a two-hundred day simple moving average of $15.09.

Veris Residential Increases Dividend

The firm 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. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. 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. Veris Residential’s dividend payout ratio is currently -21.00%.

Insider Transactions at Veris Residential

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

Institutional Trading of Veris Residential

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its position in Veris Residential by 417.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after purchasing an additional 2,167 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Veris Residential in the 1st quarter valued at about $152,000. Quadrature Capital Ltd acquired a new position in shares of Veris Residential during the 1st quarter worth approximately $156,000. Cornerstone Investment Partners LLC acquired a new stake in Veris Residential in the 1st quarter valued at $167,000. Finally, Van ECK Associates Corp increased its holdings in Veris Residential by 19.7% in the 4th quarter. Van ECK Associates Corp now owns 11,088 shares of the company’s stock worth $174,000 after acquiring 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.