Veris Residential Inc. (NYSE: VRE) stock jumped 5.30% on Friday to $14.10 against a previous-day closing price of $13.39. With 1.02 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.59 million shares. During the session, the REIT – Residential company that operates in wider Real Estate sector, reached to the highest price of $14.25 whereas the lowest price it dropped to was $13.46. The 52-week range on VRE shows that it touched its highest point at $19.90 and its lowest point at $12.08 during that stretch. It currently has a 1-year price target of $16.42. Beta for the stock currently stands at 1.04.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of VRE was up-trending over the past week, with a rise of 0.79%, but this was up by 6.58% over a month. Three-month performance dropped to -11.43% while six-month performance fell -16.17%. The stock lost -17.45% in the past year, while it has lost -23.29% so far this year. A look at the trailing 12-month EPS for VRE yields -1.65 with Next year EPS estimates of -0.24. For the next quarter, that number is -0.13. This implies an EPS growth rate of -18.00% for this year and 40.00% for next year.
Float and Shares Shorts:
At present, 90.95 million VRE shares are outstanding with a float of 76.33 million shares on hand for trading. On Jul 14, 2022, short shares totaled 3.71 million, which was 4.08% higher than short shares on Jun 14, 2022. In addition to Mr. Mahbod Nia as the firm’s CEO & Director, Mr. Marshall B. Tycher serves as its Sr. Advisor.
Through their ownership of 100.67% of VRE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 9.01% of VRE, in contrast to 49.31% held by mutual funds. Shares owned by individuals account for 48.37%. As the largest shareholder in VRE with 14.57% of the stake, BlackRock Fund Advisors holds 13,263,963 shares worth 13,263,963. A second-largest stockholder of VRE, The Vanguard Group, Inc., holds 12,282,732 shares, controlling over 13.49% of the firm’s shares. Madison International Realty Hold is the third largest shareholder in VRE, holding 6,107,661 shares or 6.71% stake. With a 6.21% stake in VRE, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 5,648,392 shares are owned by the mutual fund manager. The Vanguard Real Estate Index Fund, which owns about 3.91% of VRE stock, is the second-largest Mutual Fund holder. It holds 3,557,995 shares valued at 47.11 million. Fidelity Japan Fidelity US REIT M holds 3.00% of the stake in VRE, owning 2,726,400 shares worth 36.1 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for VRE since 7 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 1 suggest SELL ratings. Of the remaining analysts, 4 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 1 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With VRE analysts setting a high price target of $26.00 and a low target of $13.00, the average target price over the next 12 months is $16.50. Based on these targets, VRE could surge 84.4% to reach the target high and fall by -7.8% to reach the target low. Reaching the average price target will result in a growth of 17.02% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. VRE will report FY 2022 earnings on 02/22/2023. Analysts have provided yearly estimates in a range of -$0.35 being high and -$0.59 being low. For VRE, this leads to a yearly average estimate of -$0.47. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Veris Residential Inc. surprised analysts by $0.42 when it reported $0.29 EPS against a consensus estimate of -$0.13. The surprise factor in the prior quarter was -$0.02. Based on analyst estimates, the high estimate for the next quarter is -$0.10 and the low estimate is -$0.18. The average estimate for the next quarter is thus -$0.14.
Summary of Insider Activity:
Insiders traded VRE stock several times over the past three months with 6 Buys and 1 Sells. In these transactions, 42,672 shares were bought while 381 shares were sold. The number of buy transactions has increased to 15 while that of sell transactions has risen to 2 over the past year. The total number of shares bought during that period was 279,225 while 20,083 shares were sold.