Shares of Veris Residential (NYSE: VRE) received an upgrade from a hold rating to a buy rating by Wall Street Zen in a research note released on Saturday. This upgrade comes as the company reported better-than-expected earnings for the quarter, generating interest among investors. In contrast, Weiss Ratings reiterated a “hold (c)” rating on the stock on December 1. Currently, one investment analyst has issued a buy rating, while four others have assigned a hold rating, according to data from MarketBeat.com.
As of now, Veris Residential holds an average rating of “Hold” with a projected price target of $18.25. The company last reported its earnings results on October 22, revealing earnings per share (EPS) of $0.20, surpassing the consensus estimate of $0.15 by $0.05. Revenue for the quarter was reported at $73.44 million, slightly below analyst estimates of $73.74 million. Veris Residential achieved a net margin of 22.09% and a return on equity of 4.72%. The company has set its fiscal year 2025 guidance, estimating EPS between $0.670 and $0.680. Analysts predict that Veris Residential will post an average EPS of $0.61 for the current fiscal year.
Dividend Announcement and Institutional Investments
Veris Residential also declared a quarterly dividend, scheduled for payment on January 9, 2024. Shareholders on record as of December 31, 2023, will receive a dividend of $0.08, translating to an annualized dividend of $0.32 and a yield of 2.3%. The ex-dividend date for this payment is also set for December 31, 2023. The company’s payout ratio stands at 47.76%.
Recent trading activity indicates significant interest from institutional investors. For example, Hantz Financial Services Inc. increased its holdings in Veris Residential by 720.0% during the third quarter, acquiring 2,132 shares valued at $32,000 after purchasing an additional 1,872 shares. Similarly, Covestor Ltd raised its position by 29.0%, now holding 3,270 shares worth $49,000. Other notable changes include Quarry LP, which boosted its stake by 746.6%, and CWM LLC, which increased its holdings by 925.9%.
Overall, institutional investors currently own 93.04% of Veris Residential’s stock, reflecting strong confidence in the company’s growth trajectory.
Veris Residential is recognized as a progressive real estate investment trust (REIT) focused on environmentally and socially conscious practices. The company owns, operates, acquires, and develops Class A multifamily properties, aiming to meet the sustainability needs of modern residents while positively impacting the communities it serves.
For those interested in ongoing updates, further information can be accessed through financial news platforms and analysts’ reports.
