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

Veris Residential, Inc. (NYSE:VRE) was the target of a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 2,517,163 shares, a decline of 28.0% from the December 15th total of 3,493,976 shares. Currently, 3.2% of the shares of the company are short sold. Based on an average trading volume of 661,819 shares, the days-to-cover ratio is currently 3.8 days. Based on an average trading volume of 661,819 shares, the days-to-cover ratio is currently 3.8 days. Currently, 3.2% of the shares of the company are short sold.

Veris Residential Stock Performance

VRE traded up $0.06 during trading on Friday, hitting $14.92. The stock had a trading volume of 495,978 shares, compared to its average volume of 542,598. The firm has a market capitalization of $1.39 billion, a P/E ratio of 22.26, a PEG ratio of 2.31 and a beta of 1.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.53 and a current ratio of 0.53. Veris Residential has a twelve month low of $13.69 and a twelve month high of $17.18. The company’s 50-day moving average price is $14.84 and its 200 day moving average price is $14.83.

Veris Residential (NYSE:VRE) last released its earnings results on Wednesday, October 22nd. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.15 by $0.05. Veris Residential had a net margin of 22.09% and a return on equity of 4.72%. The company had revenue of $73.44 million during the quarter, compared to analysts’ expectations of $73.74 million. Veris Residential has set its FY 2025 guidance at 0.670-0.680 EPS. On average, equities research analysts forecast that Veris Residential will post 0.61 EPS for the current fiscal year.

Veris Residential Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 2.1%. Veris Residential’s payout ratio is presently 47.76%.

Analyst Upgrades and Downgrades

VRE has been the topic of several research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Veris Residential from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Veris Residential presently has a consensus rating of “Hold” and a consensus target price of $18.67.

Institutional Trading of Veris Residential

Several hedge funds have recently modified their holdings of VRE. GAMMA Investing LLC grew its holdings in Veris Residential by 71.1% during the fourth quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock worth $29,000 after acquiring an additional 812 shares during the period. Hantz Financial Services Inc. boosted its position in shares of Veris Residential by 720.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after purchasing an additional 1,872 shares in the last quarter. Covestor Ltd grew its stake in shares of Veris Residential by 29.0% during the 3rd quarter. Covestor Ltd now owns 3,270 shares of the company’s stock worth $49,000 after purchasing an additional 736 shares during the period. Quarry LP grew its stake in shares of Veris Residential by 746.6% during the 3rd quarter. Quarry LP now owns 4,326 shares of the company’s stock worth $66,000 after purchasing an additional 3,815 shares during the period. Finally, CWM LLC increased its holdings in shares of Veris Residential by 925.9% in the 2nd quarter. CWM LLC now owns 7,017 shares of the company’s stock valued at $104,000 after purchasing an additional 6,333 shares in the last quarter. 93.04% of the stock is 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.