Veris Residential Inc. [NYSE: VRE] slipped around -0.25 points on Friday, while shares priced at $18.36 at the close of the session, down -1.34%. The company report on August 18, 2023 at 9:20 AM that KUSHNER COMPANIES ISSUES STATEMENT REGARDING VERIS RESIDENTIAL.
Kushner (together with its affiliates, “Kushner”), a seasoned real estate owner and operator and one of the largest shareholders of Veris Residential (NYSE: VRE) (“Veris” or the “Company”), today issued the following statement.
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“While we have openly expressed concerns in the past regarding certain aspects of Veris’s operations, governance and capital structure, we feel that, in keeping with our open communication with the Veris and its shareholders, it is important to recognize tangible progress when we see it. We believe that in an ongoing complex macro environment Veris’s board and management have gone a long way to address many of the concerns that we, as a major shareholder of the Company, have raised in the past. The Company’s focus on multifamily residential properties in its core markets, disposal of non-core assets such as the Harborside properties, simplification of its balance sheet, and reinstatement of distributions to shareholders demonstrates to us that Veris is on the right track for the benefit of all stakeholders. We are gratified that our involvement at Veris has led to greater boardroom accountability and look forward to continuing to monitor our investment and the Company’s progress.”.
Veris Residential Inc. stock is now 15.25% up from its year-to-date (YTD) trading value. VRE Stock saw the intraday high of $18.70 and lowest of $18.28 per share. The company’s 52-week high price is 18.98, which means current price is +38.46% above from all time high which was touched on 08/30/23.
Compared to the average trading volume of 583.16K shares, VRE reached a trading volume of 497164 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Veris Residential Inc. [VRE]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for VRE shares is $19.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on VRE stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Evercore ISI have made an estimate for Veris Residential Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on July 27, 2023.
The Average True Range (ATR) for Veris Residential Inc. is set at 0.38, with the Price to Sales ratio for VRE stock in the period of the last 12 months amounting to 5.47. The Price to Book ratio for the last quarter was 1.41, with the Price to Cash per share for the same quarter was set at 4.25.
How has VRE stock performed recently?
Veris Residential Inc. [VRE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.38. With this latest performance, VRE shares dropped by -0.54% in over the last four-week period, additionally plugging by 13.90% over the last 6 months – not to mention a rise of 36.61% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for VRE stock in for the last two-week period is set at 54.66, with the RSI for the last a single of trading hit 51.46, and the three-weeks RSI is set at 56.25 for Veris Residential Inc. [VRE]. The present Moving Average for the last 50 days of trading for this stock 17.53, while it was recorded at 18.57 for the last single week of trading, and 16.37 for the last 200 days.
Veris Residential Inc. [VRE]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Veris Residential Inc. [VRE] shares currently have an operating margin of +6.35 and a Gross Margin at +23.14. Veris Residential Inc.’s Net Margin is presently recorded at -17.27.
Return on Total Capital for VRE is now 0.55, given the latest momentum, and Return on Invested Capital for the company is -1.86. Return on Equity for this stock declined to -4.87, with Return on Assets sitting at -1.45. When it comes to the capital structure of this company, Veris Residential Inc. [VRE] has a Total Debt to Total Equity ratio set at 154.34. Additionally, VRE Total Debt to Total Capital is recorded at 60.68, with Total Debt to Total Assets ending up at 48.64. Long-Term Debt to Equity for the company is recorded at 142.61, with the Long-Term Debt to Total Capital now at 56.07.
Reflecting on the efficiency of the workforce at the company, Veris Residential Inc. [VRE] managed to generate an average of -$285,140 per employee. Receivables Turnover for the company is 5.79 with a Total Asset Turnover recorded at a value of 0.08.
Insider trade positions for Veris Residential Inc. [VRE]
The top three institutional holders of VRE stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in VRE stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in VRE stock with ownership which is approximately 5.7381%.
