Veris Residential (NYSE:VRE) Sets New 12-Month High – Time to Buy?

Shares of Veris Residential, Inc. (NYSE:VRE) hit a new 52-week high during trading on Thursday . The company traded as high as $18.78 and last traded at $18.70, with a volume of 5882 shares changing hands. The stock had previously closed at $18.58.

Analyst Ratings Changes

VRE has been the topic of several analyst reports. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $23.00 in a research note on Tuesday. Evercore ISI lifted their target price on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. upped their price target on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, September 16th.

Veris Residential Stock Performance

The company has a market cap of $1.73 billion, a PE ratio of -109.29, a PEG ratio of 5.17 and a beta of 1.26. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The business’s 50 day moving average is $17.46 and its two-hundred day moving average is $16.21.

Hedge Funds Weigh In On Veris Residential

Several large investors have recently made changes to their positions in VRE. Allspring Global Investments Holdings LLC raised its stake in Veris Residential by 417.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after purchasing an additional 2,167 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Veris Residential during the second quarter valued at approximately $48,000. Quarry LP purchased a new position in shares of Veris Residential in the second quarter worth $48,000. Mirae Asset Global Investments Co. Ltd. boosted 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 acquiring an additional 755 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Veris Residential during the first quarter valued at $152,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.

Veris Residential Company Profile

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.