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

Veris Residential, Inc. (NYSE:VRE) was the recipient of a significant increase in short interest in the month of 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. Approximately 5.3% of the shares of the stock are short sold. Based on an average trading volume of 600,000 shares, the short-interest ratio is presently 6.9 days.

Analyst Upgrades and Downgrades

Separately, Truist Financial cut their price objective on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a report on Tuesday, April 9th.

Veris Residential Price Performance

Shares of VRE stock traded down $0.11 during trading hours on Friday, hitting $14.54. The stock had a trading volume of 502,156 shares, compared to its average volume of 515,302. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.35 and a quick ratio of 1.01. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -14.54, a PEG ratio of 2.85 and a beta of 1.23. Veris Residential has a one year low of $13.06 and a one year high of $18.98. The stock’s 50-day moving average price is $14.79 and its two-hundred day moving average price is $14.91.

Veris Residential Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Veris Residential by 417.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,686 shares of the company’s stock valued at $41,000 after purchasing an additional 2,167 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Veris Residential by 19.7% during the 4th quarter. Van ECK Associates Corp now owns 11,088 shares of the company’s stock valued at $174,000 after buying an additional 1,823 shares in the last quarter. New York Life Investment Management LLC bought a new position in shares of Veris Residential in the 4th quarter valued at about $219,000. SG Americas Securities LLC grew its position in 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 in the last quarter. Finally, abrdn plc increased its stake in 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 acquiring an additional 1,774 shares during the last quarter. 93.04% of the stock is currently owned by institutional investors.

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.