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

Veris Residential, Inc. (NYSE:VRE) saw an uptick in trading volume on Thursday . 1,569,196 shares traded hands during trading, an increase of 140% from the previous session’s volume of 653,072 shares.The stock last traded at $15.62 and had previously closed at $15.42.

Wall Street Analyst Weigh In

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

Veris Residential Trading Up 4.1%

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 firm has a 50-day moving average of $14.88 and a 200-day moving average of $14.89. The firm has a market capitalization of $1.56 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 2.48 and a beta of 1.26.

Hedge Funds Weigh In On Veris Residential

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

About Veris Residential

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.