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

Veris Residential, Inc. (NYSE:VRE - Get Free Report) declared 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 yield of 1.76%. The ex-dividend date is Tuesday, December 31st. This is an increase from Veris Residential's previous quarterly dividend of $0.07.

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 research 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 Stock Performance

Shares of NYSE VRE traded down $0.09 during trading on Friday, hitting $18.19. The company had a trading volume of 193,721 shares, compared to its average volume of 595,608. The stock has a 50 day simple moving average of $17.48 and a 200 day simple moving average of $16.23. The firm has a market capitalization of $1.69 billion, a P/E ratio of -107.35, a price-to-earnings-growth ratio of 3.08 and a beta of 1.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. Veris Residential has a 12 month low of $13.28 and a 12 month high of $18.85.

Analysts Set New Price Targets

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

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.

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