Shares of Veris Residential (NYSE: VRE) received a boost as Wall Street Zen upgraded its rating from hold to buy in a research note released to investors on Saturday. This upgrade follows a more cautious stance from Weiss Ratings, which maintained a “hold (c)” rating in a report issued on Monday, December 1. Currently, one investment analyst has given the stock a buy rating, while four others have opted for hold ratings.
According to MarketBeat.com, Veris Residential holds an average rating of “hold” with an expected price target of $18.25. This marks a notable moment for the company as it navigates the competitive landscape of real estate investment trusts (REITs).
Recent Earnings and Dividend Announcement
Veris Residential recently reported its earnings results for the third quarter on October 22, 2023. The company announced earnings per share (EPS) of $0.20, exceeding the consensus estimate of $0.15 by $0.05. Revenue for the quarter reached $73.44 million, slightly below the expected $73.74 million. The company’s net margin stood at 22.09%, with a return on equity of 4.72%. Looking ahead, Veris Residential has set its fiscal year 2025 guidance at an EPS range of $0.670-$0.680.
In addition to its earnings report, Veris Residential announced a quarterly dividend of $0.08 per share. This payment is scheduled for distribution on January 9, 2024, with shareholders on record as of December 31, 2023. The annualized dividend amounts to $0.32, translating to a yield of 2.3%. The ex-dividend date for this payment is also December 31, 2023, and the company has a payout ratio of 47.76%.
Institutional Investor Activity
Recent activity among institutional investors reflects increasing confidence in Veris Residential. Hantz Financial Services Inc. significantly raised its holdings in the company by 720.0% during the third quarter, acquiring 2,132 shares valued at approximately $32,000. Similarly, Covestor Ltd increased its stake by 29.0%, bringing its total to 3,270 shares worth about $49,000.
Other notable increases include Quarry LP, which raised its stake by 746.6% to own 4,326 shares valued at $66,000, and CWM LLC, which boosted its holdings by 925.9%, now possessing 7,017 shares valued at approximately $104,000. Overall, institutional investors own a substantial 93.04% of Veris Residential’s stock.
Veris Residential continues to position itself as a leader in the multifamily real estate sector. The company focuses on environmentally sustainable, Class A properties, aiming to meet the lifestyle needs of contemporary residents while positively impacting the communities it serves.
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