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

Veris Residential, Inc. (NYSE:VRE) declared a quarterly dividend on Monday, May 6th, Zacks reports. Investors 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 annualized dividend and a yield of 1.57%. The ex-dividend date is Wednesday, July 3rd. This is a positive change from Veris Residential’s previous quarterly dividend of $0.05.

Veris Residential has decreased its dividend by an average of 44.5% per year over the last three years. Veris Residential has a dividend payout ratio of -60.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Veris Residential to earn $0.57 per share next year, which means the company should continue to be able to cover its $0.21 annual dividend with an expected future payout ratio of 36.8%.

Veris Residential Price Performance

VRE stock traded down $0.01 on Tuesday, reaching $15.25. 12,367 shares of the company’s stock were exchanged, compared to its average volume of 664,198. Veris Residential has a twelve month low of $13.06 and a twelve month high of $18.98. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 1.46. The stock has a fifty day moving average of $14.72 and a 200-day moving average of $14.86. The firm has a market cap of $1.41 billion, a PE ratio of -15.37, a P/E/G ratio of 3.08 and a beta of 1.22.

Wall Street Analysts Forecast Growth

Separately, Truist Financial decreased their price target on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating on the stock in a research note on Tuesday, April 9th.

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.