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. Shareholders 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 annualized dividend and a yield of 1.94%.

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

NYSE VRE opened at $16.50 on Friday. Veris Residential has a 1-year low of $13.84 and a 1-year high of $18.85. The business’s 50-day simple moving average is $16.05 and its 200-day simple moving average is $16.96. 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 firm has a market capitalization of $1.53 billion, a P/E ratio of -97.02, a P/E/G ratio of 2.50 and a beta of 1.27.

Veris Residential (NYSE:VRE) last released its quarterly earnings data on Monday, February 24th. The company reported $0.11 earnings per share (EPS) 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 business had revenue of $68.08 million for the quarter, compared to analysts’ expectations of $66.98 million. Equities analysts predict that Veris Residential will post 0.61 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on VRE. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and increased their target price for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th. Finally, Evercore ISI reissued an “in-line” rating and set a $18.00 price target (down from $20.00) on shares of Veris Residential in a research report on Wednesday.

About Veris Residential

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.