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

Veris Residential, Inc. (NYSE:VRE) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 1,810,000 shares, a decrease of 25.8% from the December 15th total of 2,440,000 shares. Based on an average daily volume of 415,800 shares, the days-to-cover ratio is currently 4.4 days. Currently, 2.0% of the shares of the company are short sold.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Veris Residential by 11.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,102,857 shares of the company’s stock worth $37,557,000 after purchasing an additional 219,901 shares during the period. Geode Capital Management LLC boosted its stake in shares of Veris Residential by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,000,918 shares of the company’s stock valued at $35,743,000 after buying an additional 21,133 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Veris Residential by 3.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,470,536 shares of the company’s stock worth $26,264,000 after acquiring an additional 49,378 shares during the period. Victory Capital Management Inc. raised its position in Veris Residential by 0.5% in the third quarter. Victory Capital Management Inc. now owns 1,200,470 shares of the company’s stock worth $21,440,000 after acquiring an additional 6,421 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Veris Residential by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company’s stock valued at $17,217,000 after acquiring an additional 65,180 shares during the period. 93.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on VRE shares. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $23.00 in a research note on Tuesday, November 12th. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $14.00 to $17.00 in a research report on Tuesday, December 17th.

Veris Residential Stock Performance

VRE traded down $0.02 during trading on Wednesday, hitting $16.02. The stock had a trading volume of 270,058 shares, compared to its average volume of 361,806. The firm has a market capitalization of $1.49 billion, a P/E ratio of -94.23, a PEG ratio of 2.91 and a beta of 1.28. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. Veris Residential has a twelve month low of $13.84 and a twelve month high of $18.85. The company’s 50-day moving average price is $17.28 and its 200 day moving average price is $16.89.

Veris Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.00%. This is a positive change from Veris Residential’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Tuesday, December 31st. Veris Residential’s payout ratio is -188.24%.

Veris Residential Company Profile

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.