Veris Residential, Inc. (NYSE:VRE) Short Interest Up 22.8% in July

Veris Residential, Inc. (NYSE:VRE) saw a significant increase in short interest in July. As of July 15th, there was short interest totalling 4,640,000 shares, an increase of 22.8% from the June 30th total of 3,780,000 shares. Currently, 5.5% of the company’s stock are sold short. Based on an average daily volume of 696,200 shares, the days-to-cover ratio is presently 6.7 days.

Veris Residential Stock Down 0.4 %

VRE traded down $0.06 on Tuesday, reaching $15.95. The stock had a trading volume of 89,301 shares, compared to its average volume of 683,339. The business’s 50-day moving average price is $15.16 and its two-hundred day moving average price is $15.08. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.33. Veris Residential has a 12-month low of $13.06 and a 12-month high of $18.98.

Veris Residential (NYSE:VRE) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). The business had revenue of $67.48 million for the quarter, compared to analysts’ expectations of $67.73 million. Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. During the same quarter in the prior year, the company posted $0.16 EPS. Equities research analysts expect that Veris Residential will post 0.54 earnings per share for the current fiscal year.

Veris Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Wednesday, July 3rd were given a dividend of $0.06 per share. The ex-dividend date was Wednesday, July 3rd. This is a boost from Veris Residential’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.50%. Veris Residential’s dividend payout ratio is currently -24.00%.

Insider Activity at Veris Residential

In other news, Director Nori Gerardo Lietz purchased 10,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was acquired at an average cost of $14.31 per share, with a total value of $143,100.00. Following the completion of the transaction, the director now owns 39,687 shares in the company, valued at approximately $567,920.97. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Mahbod Nia bought 35,000 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were bought at an average price of $14.32 per share, with a total value of $501,200.00. Following the transaction, the chief executive officer now owns 380,869 shares in the company, valued at $5,454,044.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Nori Gerardo Lietz purchased 10,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was bought at an average cost of $14.31 per share, with a total value of $143,100.00. Following the acquisition, the director now owns 39,687 shares of the company’s stock, valued at approximately $567,920.97. The disclosure for this purchase can be found here. 15.00% of the stock is owned by corporate insiders.

Institutional Trading of Veris Residential

Institutional investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System lifted its stake in Veris Residential by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the company’s stock valued at $608,000 after buying an additional 800 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in shares of Veris Residential by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 70,177 shares of the company’s stock worth $1,067,000 after acquiring an additional 897 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Veris Residential by 7.4% during the first quarter. ProShare Advisors LLC now owns 15,978 shares of the company’s stock worth $243,000 after purchasing an additional 1,096 shares in the last quarter. Vert Asset Management LLC raised its stake in Veris Residential by 4.9% in the 1st quarter. Vert Asset Management LLC now owns 28,852 shares of the company’s stock valued at $439,000 after purchasing an additional 1,354 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in Veris Residential by 1.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 91,500 shares of the company’s stock valued at $1,439,000 after purchasing an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on VRE shares. Evercore ISI decreased their target price on Veris Residential from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. JPMorgan Chase & Co. increased their price target on Veris Residential from $11.00 to $13.00 and gave the stock an “underweight” rating in a research report on Monday, June 17th. Finally, Truist Financial lowered their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research note on Monday, June 24th.

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.