Veris Residential, Inc. (VRE) to Issue Quarterly Dividend of $0.07 on October 16th

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Monday, August 5th, Zacks reports. Stockholders of record on Monday, September 30th will be paid a dividend of 0.07 per share on Wednesday, October 16th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Monday, September 30th. This is a boost from Veris Residential’s previous quarterly dividend of $0.06.

Veris Residential has decreased its dividend by an average of 44.5% annually over the last three years. Veris Residential has a dividend payout ratio of -100.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Veris Residential to earn $0.56 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 50.0%.

Veris Residential Trading Down 0.5 %

NYSE:VRE opened at $17.58 on Friday. The company has a market cap of $1.63 billion, a PE ratio of -17.58, a price-to-earnings-growth ratio of 6.73 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.33. The company has a 50 day simple moving average of $16.80 and a two-hundred day simple moving average of $15.60. Veris Residential has a 12 month low of $13.06 and a 12 month high of $18.18.

Veris Residential (NYSE:VRE) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). The firm had revenue of $67.48 million for the quarter, compared to analysts’ expectations of $67.73 million. Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. During the same quarter last year, the company posted $0.16 EPS. Research analysts forecast that Veris Residential will post 0.55 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Truist Financial dropped their price target on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. Finally, Evercore ISI upped their price objective on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th.

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.