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

Veris Residential, Inc. (NYSE:VRE) 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 dividend on an annualized basis and a dividend yield of 1.94%.

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. 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 Price Performance

VRE traded up $0.42 on Thursday, reaching $16.50. The company had a trading volume of 429,009 shares, compared to its average volume of 392,624. The business has a 50 day simple moving average of $16.05 and a 200 day simple moving average of $16.96. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -97.02, a P/E/G ratio of 2.50 and a beta of 1.27. 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 52-week low of $13.84 and a 52-week high of $18.85.

Veris Residential (NYSE:VRE) last announced its earnings results on Monday, February 24th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The company had revenue of $68.08 million during the quarter, compared to analysts’ expectations of $66.98 million. Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. As a group, sell-side analysts anticipate that Veris Residential will post 0.61 EPS for the current year.

Analyst Upgrades and Downgrades

VRE has been the topic of several research reports. Bank of America raised shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $23.00 in a research note on Tuesday, November 12th. 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 note on Wednesday. Finally, JPMorgan Chase & Co. raised shares of Veris Residential from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $14.00 to $17.00 in a research note 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.