Veris Residential (NYSE:VRE) Sets New 52-Week High – What’s Next?

Veris Residential, Inc. (NYSE:VRE)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $18.29 and last traded at $18.25, with a volume of 41254 shares trading hands. The stock had previously closed at $17.83.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on VRE. JPMorgan Chase & Co. increased their price objective on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Evercore ISI increased their price target on shares of Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th.

Veris Residential Stock Up 1.5 %

The company has a market cap of $1.68 billion, a PE ratio of -106.58, a P/E/G ratio of 4.67 and a beta of 1.26. The stock has a 50-day moving average of $17.40 and a 200-day moving average of $16.11. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.

Institutional Trading of Veris Residential

A number of hedge funds have recently made changes to their positions in VRE. Allspring Global Investments Holdings LLC increased its stake 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 during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Veris Residential in the second quarter worth approximately $48,000. Quarry LP bought a new position in shares of Veris Residential in the second quarter worth approximately $48,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Veris Residential by 35.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after buying an additional 755 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Veris Residential during the 1st quarter valued at $152,000. 93.04% of the stock is owned by institutional investors.

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.