Veris Residential (NYSE:VRE) Sees Large Volume Increase – Here’s Why

Shares of Veris Residential, Inc. (NYSE:VRE) saw unusually-high trading volume on Tuesday . Approximately 1,517,538 shares were traded during mid-day trading, an increase of 151% from the previous session’s volume of 605,731 shares.The stock last traded at $14.8450 and had previously closed at $14.85.

Analyst Upgrades and Downgrades

VRE has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a research report on Monday, December 29th. Wall Street Zen raised shares of Veris Residential from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.67.

Veris Residential Stock Up 0.3%

The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market capitalization of $1.39 billion, a P/E ratio of 22.24, a price-to-earnings-growth ratio of 2.30 and a beta of 1.25. The stock’s fifty day simple moving average is $14.82 and its two-hundred day simple moving average is $14.84.

Veris Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 31st were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Wednesday, December 31st. Veris Residential’s dividend payout ratio is presently 47.76%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its holdings in Veris Residential by 71.1% in the fourth quarter. GAMMA Investing LLC now owns 1,954 shares of the company’s stock valued at $29,000 after acquiring an additional 812 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Veris Residential by 720.0% during the third quarter. Hantz Financial Services Inc. now owns 2,132 shares of the company’s stock worth $32,000 after buying an additional 1,872 shares during the last quarter. Covestor Ltd lifted its holdings in Veris Residential by 29.0% in the third quarter. Covestor Ltd now owns 3,270 shares of the company’s stock valued at $49,000 after buying an additional 736 shares during the period. Quarry LP boosted its position in Veris Residential by 746.6% during the third quarter. Quarry LP now owns 4,326 shares of the company’s stock valued at $66,000 after acquiring an additional 3,815 shares during the last quarter. Finally, CWM LLC grew its holdings in Veris Residential by 925.9% during the 2nd quarter. CWM LLC now owns 7,017 shares of the company’s stock worth $104,000 after acquiring an additional 6,333 shares during the period. 93.04% of the stock is owned by institutional investors and hedge funds.

Veris Residential Company Profile

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.