Veris Residential (NYSE:VRE – Get Free Report) released its quarterly earnings data on Wednesday. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.11), Zacks reports. The business had revenue of $67.48 million during the quarter, compared to analyst estimates of $67.73 million. Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.53%. During the same period in the previous year, the firm posted $0.16 EPS. Veris Residential updated its FY 2024 guidance to 0.520-0.560 EPS.
Veris Residential Stock Up 2.1 %
VRE stock traded up $0.33 during trading on Friday, reaching $15.90. 118,119 shares of the stock were exchanged, compared to its average volume of 686,748. The stock has a 50 day simple moving average of $15.15 and a 200-day simple moving average of $15.07. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 1.46. Veris Residential has a twelve month low of $13.06 and a twelve month high of $18.98.
Veris Residential Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Investors of record on Wednesday, July 3rd were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Wednesday, July 3rd. This is a boost from Veris Residential’s previous quarterly dividend of $0.05. Veris Residential’s dividend payout ratio (DPR) is presently -24.00%.
Insider Buying and Selling at Veris Residential
Wall Street Analysts Forecast Growth
VRE has been the topic of several recent research reports. Truist Financial cut their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Evercore ISI cut their price objective on Veris Residential from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Finally, JPMorgan Chase & Co. boosted their target price on Veris Residential from $11.00 to $13.00 and gave the stock an “underweight” rating in a report on Monday, June 17th.
Get Our Latest Analysis on VRE
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.
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