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

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Wednesday, March 4th. Stockholders of record on Tuesday, March 31st will be paid a dividend of 0.08 per share on Friday, April 10th. This represents a c) annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, March 31st.

Veris Residential has decreased its dividend payment by an average of 0.2%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Veris Residential has a dividend payout ratio of -177.8% 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 $0.61 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 0.2%

VRE opened at $18.86 on Thursday. The firm has a 50 day simple moving average of $15.95 and a 200 day simple moving average of $15.32. Veris Residential has a fifty-two week low of $13.69 and a fifty-two week high of $18.89. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 3.31 and a beta of 1.21. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.68 and a quick ratio of 0.68.

Veris Residential (NYSE:VRE) last released its earnings results on Monday, February 23rd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $71.31 million during the quarter, compared to analyst estimates of $70.85 million. Veris Residential had a net margin of 26.08% and a return on equity of 5.73%. On average, sell-side analysts anticipate that Veris Residential will post 0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Wall Street Zen downgraded shares of Veris Residential from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.67.

Veris Residential Company Profile

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.