Veris Residential (NYSE:VRE) Reaches New 52-Week High – Still a Buy?

Veris Residential, Inc. (NYSE:VRE) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $18.29 and last traded at $18.25, with a volume of 41254 shares traded. The stock had previously closed at $17.83.

Analyst Ratings Changes

Several brokerages recently weighed in on VRE. Evercore ISI upped their price objective on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. raised their price target on shares of Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, September 16th.

Veris Residential Price Performance

The stock has a market capitalization of $1.68 billion, a P/E ratio of -106.58, a price-to-earnings-growth ratio of 4.67 and a beta of 1.26. The business’s 50 day simple moving average is $17.40 and its two-hundred day simple moving average is $16.11. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34.

Institutional Investors Weigh In On Veris Residential

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock worth $41,000 after purchasing an additional 2,167 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Veris Residential during the second quarter valued at $48,000. Quarry LP purchased a new stake in Veris Residential in the second quarter worth $48,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Veris Residential by 35.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company’s stock valued at $51,000 after buying an additional 755 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Veris Residential during the 1st quarter valued at $152,000. Hedge funds and other 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.