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

Veris Residential, Inc. (NYSE:VRE) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 3,910,000 shares, a growth of 43.2% from the September 30th total of 2,730,000 shares. Based on an average trading volume of 616,600 shares, the short-interest ratio is currently 6.3 days. Approximately 4.3% of the company’s shares are sold short. Approximately 4.3% of the company’s shares are sold short. Based on an average trading volume of 616,600 shares, the short-interest ratio is currently 6.3 days.

Wall Street Analyst Weigh In

Several research analysts recently commented on VRE shares. Evercore ISI raised their price target on shares of Veris Residential from $17.50 to $18.00 and gave the company an “in-line” rating in a report on Friday, July 25th. Weiss Ratings restated a “hold (c)” rating on shares of Veris Residential in a report on Thursday, October 30th. BTIG Research cut their price target on shares of Veris Residential from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, July 23rd. Finally, Wall Street Zen upgraded shares of Veris Residential from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.20.

Veris Residential Stock Performance

Veris Residential stock traded up $0.31 during mid-day trading on Tuesday, reaching $14.68. The company’s stock had a trading volume of 1,387,517 shares, compared to its average volume of 537,662. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 2.27 and a beta of 1.35. The business has a 50 day moving average price of $15.14 and a 200-day moving average price of $14.99. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.13. Veris Residential has a twelve month low of $13.69 and a twelve month high of $18.85.

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

Veris Residential Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 30th. Veris Residential’s payout ratio is currently 47.76%.

Hedge Funds Weigh In On Veris Residential

A number of hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in shares of Veris Residential during the first quarter valued at $34,817,000. Balyasny Asset Management L.P. boosted its holdings in shares of Veris Residential by 138.7% during the second quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company’s stock valued at $15,904,000 after acquiring an additional 620,708 shares during the period. Prudential Financial Inc. raised its stake in shares of Veris Residential by 9.3% during the second quarter. Prudential Financial Inc. now owns 4,978,947 shares of the company’s stock valued at $74,137,000 after purchasing an additional 423,683 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Veris Residential by 72.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company’s stock valued at $17,033,000 after purchasing an additional 423,482 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in shares of Veris Residential by 62.7% during the second quarter. Qube Research & Technologies Ltd now owns 991,419 shares of the company’s stock valued at $14,762,000 after purchasing an additional 382,040 shares in the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

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.