Veris Residential, Inc. (NYSE:VRE) to Issue Dividend Increase – $0.06 Per Share

Veris Residential, Inc. (NYSE:VRE) declared a quarterly dividend on Monday, May 6th, Zacks reports. Stockholders of record on Wednesday, July 3rd will be given a dividend of 0.06 per share on Tuesday, July 16th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Wednesday, July 3rd. This is a boost from Veris Residential’s previous quarterly dividend of $0.05.

Veris Residential has decreased its dividend payment by an average of 44.5% annually over the last three years. Veris Residential has a dividend payout ratio of -85.7% indicating that 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 $0.59 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 40.7%.

Veris Residential Stock Performance

NYSE:VRE opened at $14.97 on Tuesday. Veris Residential has a 1 year low of $13.06 and a 1 year high of $18.98. The firm has a 50 day moving average of $15.03 and a 200-day moving average of $15.09. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 1.46.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on VRE shares. Evercore ISI cut their target price on shares of Veris Residential from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. JPMorgan Chase & Co. raised their price target on shares of Veris Residential from $11.00 to $13.00 and gave the company an “underweight” rating in a report on Monday, June 17th. Finally, Truist Financial lowered their price target on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a report on Monday, June 24th.

Insider Activity

In other news, CEO Mahbod Nia bought 35,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were bought at an average cost of $14.32 per share, with a total value of $501,200.00. Following the acquisition, the chief executive officer now owns 380,869 shares in the company, valued at $5,454,044.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mahbod Nia purchased 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were acquired at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the purchase, the chief executive officer now owns 380,869 shares in the company, valued at $5,454,044.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nori Gerardo Lietz purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average price of $14.31 per share, for a total transaction of $143,100.00. Following the purchase, the director now owns 39,687 shares in the company, valued at approximately $567,920.97. The disclosure for this purchase can be found here. 15.00% of the stock is owned by insiders.

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.