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

Veris Residential, Inc. (NYSE:VRE) was the recipient of a significant drop in short interest during the month of February. As of February 27th, there was short interest totaling 1,651,869 shares, a drop of 32.0% from the February 12th total of 2,429,792 shares. Based on an average daily volume of 4,274,004 shares, the days-to-cover ratio is currently 0.4 days. Approximately 2.1% of the shares of the stock are sold short. Approximately 2.1% of the shares of the stock are sold short. Based on an average daily volume of 4,274,004 shares, the days-to-cover ratio is currently 0.4 days.

Analyst Upgrades and Downgrades

VRE has been the topic of a number of recent research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Veris Residential in a research note on Monday, December 29th. Wall Street Zen cut shares of Veris Residential from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.67.

Veris Residential Trading Down 0.1%

Veris Residential stock traded down $0.02 during mid-day trading on Friday, hitting $18.87. The company’s stock had a trading volume of 234,913 shares, compared to its average volume of 1,563,382. The stock’s fifty day moving average is $16.42 and its two-hundred day moving average is $15.49. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $1.76 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 3.32 and a beta of 1.21. Veris Residential has a 1 year low of $13.69 and a 1 year high of $18.89.

Veris Residential (NYSE:VRE) last posted its earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The company had revenue of $71.31 million for the quarter, compared to the consensus estimate of $70.85 million. Veris Residential had a return on equity of 5.73% and a net margin of 26.08%. On average, analysts anticipate that Veris Residential will post 0.61 EPS for the current year.

Veris Residential Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, March 31st. Veris Residential’s dividend payout ratio (DPR) is 40.00%.

Hedge Funds Weigh In On Veris Residential

Several large investors have recently made changes to their positions in the stock. Madison International Realty Holdings LLC purchased a new stake in Veris Residential in the third quarter valued at approximately $78,875,000. Woodline Partners LP purchased a new position in shares of Veris Residential during the third quarter worth $22,504,000. H 2 Credit Manager LP grew its stake in shares of Veris Residential by 27.4% in the fourth quarter. H 2 Credit Manager LP now owns 5,472,814 shares of the company’s stock valued at $81,435,000 after buying an additional 1,175,500 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Veris Residential by 138.7% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after buying an additional 620,708 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Veris Residential during the 4th quarter worth about $7,720,000. 93.04% of the stock is currently owned by institutional investors and hedge funds.

Veris Residential Company Profile

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.