Veris Residential, Inc. (NYSE:VRE) Declares Dividend Increase – $0.08 Per Share

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.08 per share on Friday, January 10th. This represents a $0.32 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Tuesday, December 31st. This is a boost from Veris Residential’s previous quarterly dividend of $0.07.

Veris Residential has decreased its dividend payment by an average of 44.5% per year over the last three years. Veris Residential has a payout ratio of -100.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Veris Residential to earn $0.59 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 47.5%.

Veris Residential Trading Down 0.5 %

Veris Residential stock opened at $18.19 on Friday. Veris Residential has a 1 year low of $13.28 and a 1 year high of $18.85. The firm’s 50 day moving average price is $17.50 and its 200-day moving average price is $16.26. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a market cap of $1.69 billion, a P/E ratio of -107.00, a PEG ratio of 3.08 and a beta of 1.26.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, September 16th. Evercore ISI raised their target price on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Finally, Bank of America raised shares of Veris Residential from a “neutral” rating to a “buy” rating and upped their price target for the company from $20.00 to $23.00 in a research note on Tuesday.

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.