Veris Residential, Inc. (NYSE:VRE) Plans Dividend Increase – $0.07 Per Share

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Monday, August 5th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.07 per share on Wednesday, October 16th. This represents a $0.28 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Veris Residential’s previous quarterly dividend of $0.06.

Veris Residential has decreased its dividend by an average of 44.5% annually over the last three years. Veris Residential has a payout ratio of -100.0% 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 $0.56 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 50.0%.

Veris Residential Stock Down 0.5 %

Shares of VRE opened at $17.58 on Friday. The company has a market capitalization of $1.63 billion, a P/E ratio of -17.58, a PEG ratio of 6.73 and a beta of 1.25. Veris Residential has a one year low of $13.06 and a one year high of $18.18. The business’s 50 day simple moving average is $16.80 and its 200-day simple moving average is $15.60. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.84 and a quick ratio of 0.84.

Veris Residential (NYSE:VRE) last announced its earnings results on Wednesday, July 24th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.11). The business had revenue of $67.48 million for the quarter, compared to the consensus estimate of $67.73 million. Veris Residential had a negative return on equity of 8.55% and a negative net margin of 21.79%. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, sell-side analysts predict that Veris Residential will post 0.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Truist Financial reduced their target price on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. JPMorgan Chase & Co. upped their price objective on Veris Residential from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Monday, September 16th. Finally, Evercore ISI lifted their target price on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th.

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.