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

Veris Residential, Inc. (NYSE:VRE - Get Free Report) saw a significant drop in short interest in December. As of December 15th, there was short interest totalling 2,440,000 shares, a drop of 37.9% from the November 30th total of 3,930,000 shares. Currently, 2.7% of the company's stock are sold short. Based on an average trading volume of 425,300 shares, the days-to-cover ratio is currently 5.7 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VRE shares. Bank of America raised shares of Veris Residential from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $20.00 to $23.00 in a research note on Tuesday, November 12th. JPMorgan Chase & Co. raised Veris Residential from an "underweight" rating to a "neutral" rating and lifted their target price for the stock from $14.00 to $17.00 in a research report on Tuesday, December 17th.

Veris Residential Stock Down 1.3 %

Shares of NYSE:VRE traded down $0.21 during midday trading on Friday, reaching $16.46. The company had a trading volume of 298,698 shares, compared to its average volume of 582,657. The stock has a market capitalization of $1.53 billion, a P/E ratio of -96.82, a PEG ratio of 2.91 and a beta of 1.27. The stock's fifty day moving average price is $17.47 and its 200-day moving average price is $16.74. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. Veris Residential has a one year low of $13.84 and a one year high of $18.85.

Veris Residential Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Tuesday, December 31st. This is a positive change from Veris Residential's previous quarterly dividend of $0.07. Veris Residential's dividend payout ratio is -188.24%.

Hedge Funds Weigh In On Veris Residential

A number of hedge funds have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Veris Residential in the 2nd quarter valued at approximately $48,000. Quarry LP bought a new stake in Veris Residential during the second quarter valued at $48,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Veris Residential by 35.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,880 shares of the company's stock valued at $51,000 after purchasing an additional 755 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Veris Residential by 5.8% during the second quarter. Van ECK Associates Corp now owns 12,011 shares of the company's stock worth $180,000 after purchasing an additional 663 shares during the period. Finally, Natixis Advisors LLC bought a new position in shares of Veris Residential in the 3rd quarter worth about $203,000. 93.04% of the stock is currently owned by institutional investors and hedge funds.

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.