Veris Residential, Inc. (NYSE:VRE) Short Interest Update

Veris Residential, Inc. (NYSE:VRE - Get Free Report) was the target of a significant drop in short interest in 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. Based on an average daily trading volume, of 481,100 shares, the short-interest ratio is presently 5.9 days. Approximately 3.1% of the company's stock are sold short.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Evercore ISI raised 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. Truist Financial decreased their target price on Veris Residential from $15.00 to $14.00 and set a "hold" rating for the company in a research report on Monday, June 24th. Finally, JPMorgan Chase & Co. raised their target price on Veris Residential from $13.00 to $14.00 and gave the stock an "underweight" rating in a research report on Monday, September 16th.

Veris Residential Stock Up 0.5 %

VRE traded up $0.09 during trading on Friday, reaching $17.31. 189,549 shares of the stock traded hands, compared to its average volume of 622,664. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -25.84, a price-to-earnings-growth ratio of 5.26 and a beta of 1.25. Veris Residential has a fifty-two week low of $13.06 and a fifty-two week high of $18.18. 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's 50-day simple moving average is $17.13 and its two-hundred day simple moving average is $15.78.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.11). The firm had revenue of $67.48 million for the quarter, compared to analyst estimates of $67.73 million. Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. During the same period in the previous year, the business posted $0.16 EPS. As a group, equities research analysts expect that Veris Residential will post 0.55 EPS for the current year.

Veris Residential Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.07 per share. This is a positive change from Veris Residential's previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 1.62%. The ex-dividend date is Monday, September 30th. Veris Residential's dividend payout ratio (DPR) is -41.79%.

Hedge Funds Weigh In On Veris Residential

Several institutional investors have recently bought and sold shares of VRE. DigitalBridge Group Inc. bought a new position in Veris Residential during the second quarter valued at about $13,673,000. Nordea Investment Management AB bought a new position in Veris Residential during the first quarter valued at about $8,503,000. Daiwa Securities Group Inc. raised its holdings in Veris Residential by 1,983.4% during the first quarter. Daiwa Securities Group Inc. now owns 507,104 shares of the company's stock valued at $7,713,000 after buying an additional 482,764 shares in the last quarter. AXA S.A. bought a new position in Veris Residential during the second quarter valued at about $6,392,000. Finally, Marshall Wace LLP bought a new position in Veris Residential during the second quarter valued at about $5,502,000. 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.