Veris Residential, Inc. (NYSE:VRE) Plans $0.08 Quarterly Dividend

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Thursday, February 27th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.08 per share on Thursday, April 10th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, March 31st.

Veris Residential has a dividend payout ratio of -152.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Veris Residential to earn $0.61 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 52.5%.

Veris Residential Stock Performance

Shares of NYSE:VRE opened at $16.77 on Friday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -98.61, a P/E/G ratio of 2.50 and a beta of 1.24. The firm’s 50 day simple moving average is $16.17 and its 200 day simple moving average is $16.90. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.73 and a quick ratio of 0.73. Veris Residential has a fifty-two week low of $13.84 and a fifty-two week high of $18.85.

Veris Residential (NYSE:VRE) last posted its earnings results on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.01). Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. The firm had revenue of $68.08 million during the quarter, compared to analyst estimates of $66.98 million. As a group, sell-side analysts forecast that Veris Residential will post 0.61 earnings per share for the current year.

Analyst Ratings Changes

VRE has been the subject of a number of research analyst reports. Truist Financial boosted their target price on Veris Residential from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Monday, March 10th. Evercore ISI reiterated an “in-line” rating and issued a $18.00 price objective (down from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. upgraded shares of Veris Residential from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $14.00 to $17.00 in a report on Tuesday, December 17th.

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.