Veris Residential (NYSE:VRE) Raised to Buy at Bank of America

Bank of America upgraded shares of Veris Residential (NYSE:VRE) from a neutral rating to a buy rating in a research note released on Tuesday morning, MarketBeat.com reports. They currently have $23.00 target price on the stock, up from their previous target price of $20.00.

VRE has been the subject of several other reports. JPMorgan Chase & Co. boosted 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 upped their target price on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th.

Veris Residential Stock Down 1.6 %

Shares of NYSE:VRE opened at $18.28 on Tuesday. The company’s fifty day moving average is $17.46 and its 200-day moving average is $16.21. Veris Residential has a 52 week low of $13.28 and a 52 week high of $18.85. The company has a market capitalization of $1.70 billion, a PE ratio of -109.29, a P/E/G ratio of 5.17 and a beta of 1.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73.

Institutional Investors Weigh In On Veris Residential

Large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Veris Residential by 417.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after buying an additional 2,167 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Veris Residential in the second quarter valued at about $48,000. Quarry LP bought a new stake in shares of Veris Residential in the second quarter worth about $48,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Veris Residential by 35.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock worth $51,000 after purchasing an additional 755 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Veris Residential during the 1st quarter valued at about $152,000. Institutional investors own 93.04% of the company’s stock.

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.