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

Veris Residential, Inc. (NYSE:VRE - Get Free Report) declared a quarterly dividend on Thursday, February 27th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.08 per share on Thursday, April 10th. This represents a $0.32 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, March 31st.

Veris Residential has a 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 Trading Up 0.6 %

Veris Residential stock traded up $0.11 during midday trading on Monday, hitting $17.04. 347,617 shares of the stock were exchanged, compared to its average volume of 399,313. Veris Residential has a fifty-two week low of $13.84 and a fifty-two week high of $18.85. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -100.20, a PEG ratio of 2.50 and a beta of 1.27. The stock's 50-day simple moving average is $16.07 and its 200 day simple moving average is $16.98. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34.

Veris Residential (NYSE:VRE - Get Free Report) 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 firm had revenue of $68.08 million for the quarter, compared to analyst estimates of $66.98 million. On average, equities analysts anticipate that Veris Residential will post 0.61 EPS for the current year.

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Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on VRE shares. Bank of America upgraded shares of Veris Residential from a "neutral" rating to a "buy" rating and lifted their price target for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th. Evercore ISI reiterated 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, February 26th. Finally, JPMorgan Chase & Co. upgraded shares of Veris Residential from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $14.00 to $17.00 in a research report on Tuesday, December 17th.

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.