Short Interest in Veris Residential, Inc. (NYSE:VRE) Drops By 37.9%

Veris Residential, Inc. (NYSE:VREGet Free Report) was the target of a significant drop in short interest during the month of 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. Based on an average daily volume of 425,300 shares, the short-interest ratio is presently 5.7 days. Currently, 2.7% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

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

Read Our Latest Stock Report on VRE

Veris Residential Stock Up 0.2 %

Veris Residential stock opened at $16.67 on Friday. Veris Residential has a 1-year low of $13.84 and a 1-year high of $18.85. The business has a fifty day moving average price of $17.50 and a 200-day moving average price of $16.73. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -98.05, a PEG ratio of 2.91 and a beta of 1.27.

Veris Residential Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is an increase from Veris Residential’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.92%. Veris Residential’s payout ratio is -188.24%.

Institutional Trading of Veris Residential

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. DigitalBridge Group Inc. purchased a new position in Veris Residential during the second quarter valued at approximately $13,673,000. Adelante Capital Management LLC purchased a new position in shares of Veris Residential during the 3rd quarter valued at approximately $11,001,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Veris Residential by 491.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 616,605 shares of the company’s stock valued at $11,013,000 after purchasing an additional 512,406 shares in the last quarter. AXA S.A. acquired a new position in shares of Veris Residential in the 2nd quarter valued at $6,392,000. Finally, Marshall Wace LLP purchased a new stake in Veris Residential during the second quarter worth $5,502,000. Institutional investors and hedge funds own 93.04% of the company’s stock.

Veris Residential Company Profile

(Get Free Report)

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.

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