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

Veris Residential, Inc. (NYSE:VRE) declared a quarterly dividend on Thursday, February 27th, RTT News reports. Investors 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% indicating that 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 Trading Up 2.6 %

Shares of VRE stock opened at $16.50 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $1.53 billion, a P/E ratio of -97.02, a price-to-earnings-growth ratio of 2.50 and a beta of 1.27. The business’s 50 day moving average is $16.05 and its two-hundred day moving average is $16.96. Veris Residential has a twelve month low of $13.84 and a twelve month high of $18.85.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results 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 analysts’ expectations of $66.98 million. Equities analysts forecast that Veris Residential will post 0.61 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Bank of America raised Veris Residential from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $23.00 in a report on Tuesday, November 12th. JPMorgan Chase & Co. upgraded Veris Residential from an “underweight” rating to a “neutral” rating and raised their price target for the company from $14.00 to $17.00 in a research report on Tuesday, December 17th. Finally, Evercore ISI reiterated an “in-line” rating and set a $18.00 target price (down previously from $20.00) on shares of Veris Residential in a report on Wednesday.

Veris Residential Company Profile

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.