Veris Residential, Inc. (NYSE:VRE) Sees Significant Decrease in Short Interest

Veris Residential, Inc. (NYSE:VRE) was the target of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 2,840,000 shares, a drop of 32.5% from the September 15th total of 4,210,000 shares. Currently, 3.1% of the shares of the company are sold short. Based on an average daily trading volume, of 481,100 shares, the days-to-cover ratio is currently 5.9 days.

Wall Street Analyst Weigh In

Several research firms have commented on VRE. Truist Financial dropped their price objective on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, June 24th. JPMorgan Chase & Co. lifted their price objective on shares of Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, September 16th. Finally, Evercore ISI increased their target price on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th.

Veris Residential Price Performance

Shares of VRE traded up $0.09 during midday trading on Friday, hitting $17.31. 189,549 shares of the company traded hands, compared to its average volume of 622,664. Veris Residential has a one year low of $13.06 and a one year high of $18.18. The firm has a market cap of $1.61 billion, a P/E ratio of -25.84, a PEG ratio of 5.26 and a beta of 1.25. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a 50-day moving average of $17.13 and a 200-day moving average of $15.78.

Veris Residential (NYSE:VRE) last posted its earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. The firm had revenue of $67.48 million for the quarter, compared to the consensus estimate of $67.73 million. During the same period last year, the company posted $0.16 EPS. As a group, sell-side analysts predict that Veris Residential will post 0.55 EPS for the current fiscal year.

Veris Residential Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.62%. This is a boost from Veris Residential’s previous quarterly dividend of $0.06. The ex-dividend date is Monday, September 30th. Veris Residential’s payout ratio is presently -41.79%.

Hedge Funds Weigh In On Veris Residential

A number of institutional investors have recently added to or reduced their stakes in the business. Nomura Holdings Inc. purchased a new position in Veris Residential in the 4th quarter worth approximately $2,956,000. Hazelview Securities Inc. purchased a new position in Veris Residential in the first quarter worth $2,678,000. Vert Asset Management LLC raised its position in Veris Residential by 4.9% during the first quarter. Vert Asset Management LLC now owns 28,852 shares of the company’s stock valued at $439,000 after purchasing an additional 1,354 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Veris Residential by 417.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after purchasing an additional 2,167 shares in the last quarter. Finally, Cornerstone Investment Partners LLC bought a new stake in Veris Residential during the first quarter worth about $167,000. 93.04% of the stock is currently owned by institutional investors.

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.