Veris Residential Inc Down 3.85% To $14.98 After Earnings

Veris Residential Inc (VRE) surpassed earnings projections on 2/21/2024 for Q4 2023.

The company reported an EPS of $0.12. The firm reported an EPS of $0.05 in the year-ago quarter. The increase in Veris Residential Inc's annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were upbeat at $72.9 million. That represents a 15.41% decrease in revenues from the year-ago report and is 1.30% higher than consensus estimates set at $72 million.

The stock is down 3.85% to $14.98 after the report.

Despite Veris Residential Inc reporting a decline in revenues, earnings increased signaling a rise in profit margins.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

Trading in the five days leading up to the report earned Veris Residential Inc a Neutral Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 48. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Veris Residential Inc is a fully-integrated, self-administered and self-managed real estate investment trust (REIT). The company owns and operates a real estate portfolio comprised predominantly of multifamily rental properties located primarily in the Northeast, as well as a portfolio of Class A office properties. The company performs substantially all real estate management, leasing, acquisition and development on an in-house basis. The properties are in three states in the Northeast, plus the District of Columbia. The company operates in two industry segments multifamily real estate and services and commercial and other real estates.