Veris Residential, Inc. (NYSE:VRE) Short Interest Up 33.0% in April

Veris Residential, Inc. (NYSE:VRE) was the target of a large increase in short interest in April. As of April 15th, there was short interest totalling 4,150,000 shares, an increase of 33.0% from the March 31st total of 3,120,000 shares. Based on an average trading volume of 600,000 shares, the days-to-cover ratio is currently 6.9 days. Approximately 5.3% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, Truist Financial dropped their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research report on Tuesday, April 9th.

Veris Residential Price Performance

Shares of NYSE:VRE traded down $0.11 during midday trading on Friday, reaching $14.54. 502,156 shares of the company’s stock traded hands, compared to its average volume of 515,302. The company has a fifty day simple moving average of $14.79 and a two-hundred day simple moving average of $14.91. Veris Residential has a 1 year low of $13.06 and a 1 year high of $18.98. The company has a market cap of $1.35 billion, a P/E ratio of -14.54, a PEG ratio of 2.85 and a beta of 1.23. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.01 and a current ratio of 2.35.

Veris Residential Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Wednesday, April 3rd were issued a dividend of $0.052 per share. This represents a $0.21 annualized dividend and a yield of 1.43%. The ex-dividend date was Tuesday, April 2nd. Veris Residential’s payout ratio is -21.00%.

Institutional Trading of Veris Residential

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake in Veris Residential by 417.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after buying an additional 2,167 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Veris Residential by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 11,088 shares of the company’s stock valued at $174,000 after acquiring an additional 1,823 shares during the last quarter. New York Life Investment Management LLC purchased a new position in shares of Veris Residential in the fourth quarter valued at approximately $219,000. SG Americas Securities LLC boosted its stake in shares of Veris Residential by 60.7% in the fourth quarter. SG Americas Securities LLC now owns 14,051 shares of the company’s stock worth $221,000 after acquiring an additional 5,309 shares during the last quarter. Finally, abrdn plc increased its position in shares of Veris Residential by 11.4% during the third quarter. abrdn plc now owns 17,377 shares of the company’s stock worth $287,000 after purchasing an additional 1,774 shares in the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

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.