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

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

Veris Residential Price Performance

VRE stock opened at $18.92 on Friday. The company has a market capitalization of $1.77 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 3.14 and a beta of 1.15. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.68 and a current ratio of 0.68. Veris Residential has a 52-week low of $13.69 and a 52-week high of $19.03. The business has a 50-day simple moving average of $18.63 and a two-hundred day simple moving average of $16.20.

Veris Residential Dividend Announcement

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

Hedge Funds Weigh In On Veris Residential

A number of hedge funds have recently added to or reduced their stakes in VRE. Madison International Realty Holdings LLC bought a new stake in shares of Veris Residential in the 3rd quarter worth approximately $78,875,000. Woodline Partners LP bought a new stake in shares of Veris Residential in the 3rd quarter worth approximately $22,504,000. H 2 Credit Manager LP raised its holdings in shares of 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 worth $81,435,000 after purchasing an additional 1,175,500 shares during the period. Balyasny Asset Management L.P. raised its holdings in Veris Residential by 138.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after acquiring an additional 620,708 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Veris Residential by 466.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 578,525 shares of the company’s stock valued at $8,794,000 after acquiring an additional 476,436 shares during the period. Institutional investors and hedge funds own 93.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on VRE shares. Weiss Ratings restated a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. Citigroup raised their target price on Veris Residential from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. Truist Financial raised their target price on Veris Residential from $15.00 to $19.00 and gave the company a “hold” rating in a research note on Tuesday, March 24th. Finally, Wall Street Zen downgraded Veris Residential from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Veris Residential has a consensus rating of “Hold” and a consensus 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.