BlackRock Fund Advisors recently announced the acquisition of new stake in Veris Residential Inc (NYSE:VRE). The institutional investor has increased its shareholding in the Real Estate company by 0.09% to 12.91 million shares with purchase of 12203.0 shares. This fresh investment now brings its stake to 13.99% valued currently at $203.0 million. In addition, Wellington Management Co. LLP raised its holdings by 1.43 million to 7.18 million shares. And PGIM, Inc. has lifted its position by 21.66% or 0.57 million shares – to 3.22 million shares.
With over 0.49 million Veris Residential Inc (VRE) shares trading Friday and a closing price of $15.56 on the day, the dollar volume was approximately $7.55 million. The shares have shown a negative half year performance of -6.66% and its price on 01/12/24 gained nearly 1.24%. Currently, there are 91.14M common shares owned by the public and among those 83.88M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for VRE have a consensus price objective of $17.17. The analysts have set the share’s price value over the next 12 months at a high of $26.00 and a low of $12.00. The average price target is 9.38% above its recent price level and a downside to the estimated low will see the stock lose -29.67% over that period. But an upside of 40.15% will see the stock hit the forecast high price target while median target price for the stock is $17.00.
Insiders at the company have transacted a total of 16 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 282,931 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 117,246 shares.
The top 3 mutual fund holders in Veris Residential Inc are iShares Core S&P Small Cap ETF, Fidelity Japan Fidelity US REIT M, and Vanguard Real Estate Index Fund. iShares Core S&P Small Cap ETF owns 5.4 million shares of the company’s stock, all valued at over $84.97 million. The company bought an additional 5412.0 shares recently to bring their total holdings to about 5.86% of the shares outstanding. Fidelity Japan Fidelity US REIT M bought 0.33 million shares to see its total holdings expand to 3.06 million shares valued at over $48.08 million and representing 3.31% of the shares outstanding. Vanguard Real Estate Index Fund sold 27202.0 shares to bring its total holdings to over 3.0 million shares at a value of $47.13 million. Vanguard Real Estate Index Fund now owns shares totaling to 3.25% of the shares outstanding.
Shares of Veris Residential Inc (NYSE: VRE) opened at $15.62, up $0.25 from a prior closing price of $15.37. However, the script later moved the day high at 15.65, up 1.24%. The company’s stock has a 5-day price change of 3.39% and -2.45% over the past three months. VRE shares are trading -1.08% year to date (YTD), with the 12-month market performance down to -6.04% lower. It has a 12-month low price of $13.06 and touched a high of $18.98 over the same period. VRE has an average intraday trading volume of 816.69K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.40%, 5.96%, and -3.62% respectively.
Institutional ownership of Veris Residential Inc (NYSE: VRE) shares accounts for 97.00% of the company’s 91.14M shares outstanding. Mutual fund holders own 47.99%, while other institutional holders and individual stakeholders account for 49.63% and 16.83% respectively.
It has a market capitalization of $1.43B and a beta (3y monthly) value of 1.24. The earnings-per-share (ttm) stands at -$0.83. The company has a debt-to-equity ratio at 1.67. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.73% over the week and 2.30% over the month.
Analysts forecast that Veris Residential Inc (VRE) will achieve an EPS of -$0.11 for the current quarter, $0 for the next quarter and -$0.34 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.12 while analysts give the company a high EPS estimate of -$0.11. Comparatively, EPS for the current quarter was $0.35 a year ago. Earnings per share for the fiscal year are expected to decrease by -54.88%, and 66.19% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Veris Residential Inc (VRE) as a “Moderate Buy” at a consensus score of 2.67. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 3 of the 6 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the VRE, a number of firms have released research notes about the stock. JP Morgan stated their Underweight rating for the stock in a research note on October 25, 2023, with the firm’s price target at $15-$14.
