Veris Residential, Inc. (VRE) to Issue Quarterly Dividend of $0.06 on July 16th

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Monday, May 6th, Zacks reports. Shareholders 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 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Wednesday, July 3rd. This is a boost from Veris Residential’s previous quarterly dividend of $0.05.

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 -68.6% 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 $0.57 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 42.1%.

Veris Residential Price Performance

NYSE:VRE opened at $15.39 on Wednesday. Veris Residential has a 52 week low of $13.06 and a 52 week 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 company has a market capitalization of $1.42 billion, a P/E ratio of -15.39, a P/E/G ratio of 3.08 and a beta of 1.22. The stock’s fifty day moving average is $14.73 and its two-hundred day moving average is $14.85.

Analysts Set New Price Targets

Separately, Truist Financial dropped their target price on Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a research report 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.