Veris Residential (NYSE:VRE) Upgraded to “Neutral” at JPMorgan Chase & Co.

Veris Residential (NYSE:VRE) was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report issued on Tuesday, Marketbeat Ratings reports. The firm currently has a $17.00 price target on the stock, up from their prior price target of $14.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 1.92% from the company’s previous close.

Several other brokerages have also commented on VRE. Evercore ISI boosted their price objective on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th.

Veris Residential Price Performance

NYSE:VRE opened at $16.68 on Tuesday. Veris Residential has a 52-week low of $13.84 and a 52-week high of $18.85. The stock has a fifty day moving average of $17.60 and a 200 day moving average of $16.70. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -98.11, a P/E/G ratio of 2.91 and a beta of 1.27.

Institutional Trading of Veris Residential

Several institutional investors have recently added to or reduced their stakes in VRE. Van ECK Associates Corp increased its holdings in shares of Veris Residential by 5.8% in the second quarter. Van ECK Associates Corp now owns 12,011 shares of the company’s stock worth $180,000 after buying an additional 663 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake 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 valued at $51,000 after acquiring an additional 755 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in Veris Residential by 2.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock valued at $608,000 after purchasing an additional 800 shares during the period. Nomura Asset Management Co. Ltd. raised its position in Veris Residential by 0.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 100,000 shares of the company’s stock valued at $1,786,000 after purchasing an additional 900 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in Veris Residential by 1.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 116,412 shares of the company’s stock worth $2,079,000 after buying an additional 1,220 shares during the period. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

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.