Veris Residential (NYSE:VRE) Releases FY 2024 Earnings Guidance

Veris Residential (NYSE:VRE) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.520-0.560 for the period, compared to the consensus estimate of 0.530. The company issued revenue guidance of -.

Analyst Ratings Changes

A number of brokerages recently issued reports on VRE. Truist Financial lowered their price target on shares of Veris Residential from $15.00 to $14.00 and set a hold rating for the company in a research report on Monday, June 24th. JPMorgan Chase & Co. lifted their price target on shares of Veris Residential from $11.00 to $13.00 and gave the company an underweight rating in a research report on Monday, June 17th. Finally, Evercore ISI lowered their price target on shares of Veris Residential from $17.00 to $16.00 and set an outperform rating for the company in a research report on Thursday, June 20th.

Veris Residential Stock Up 0.1 %

Veris Residential stock traded up $0.01 during trading hours on Thursday, hitting $15.57. The stock had a trading volume of 989,468 shares, compared to its average volume of 690,753. 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 stock has a market capitalization of $1.44 billion, a P/E ratio of -15.51, a price-to-earnings-growth ratio of 4.97 and a beta of 1.26. Veris Residential has a 12-month low of $13.06 and a 12-month high of $18.98. The stock’s 50-day moving average price is $15.15 and its 200-day moving average price is $15.06.

Veris Residential (NYSE:VRE) last issued its earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11). Veris Residential had a negative return on equity of 10.42% and a negative net margin of 32.51%. The firm had revenue of $67.48 million during the quarter, compared to analysts’ expectations of $67.73 million. During the same period last year, the firm posted $0.16 earnings per share. Equities research analysts anticipate that Veris Residential will post 0.54 EPS for the current fiscal year.

Veris Residential Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Investors of record on Wednesday, July 3rd were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.54%. This is a positive change from Veris Residential’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, July 3rd. Veris Residential’s payout ratio is -24.00%.

Insider Activity at Veris Residential

In other news, CEO Mahbod Nia acquired 35,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were purchased at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the transaction, 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 legal filing with the SEC, which is available at the SEC website. In other news, CEO Mahbod Nia acquired 35,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were purchased at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the transaction, 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 legal filing with the SEC, which is available at the SEC website. Also, Director Nori Gerardo Lietz acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were purchased at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the completion of the transaction, the director now directly owns 39,687 shares in the company, valued at $567,920.97. The disclosure for this purchase can be found here. 15.00% of the stock is currently owned by company insiders.

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.