Veris Residential, Inc. (NYSE:VRE) Raises Dividend to $0.08 Per Share

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.08 per share on Friday, January 10th. This represents a $0.32 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Tuesday, December 31st. This is a boost from Veris Residential’s previous quarterly dividend of $0.07.

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 -100.0% meaning 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 $0.59 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 47.5%.

Veris Residential Stock Down 0.5 %

VRE stock traded down $0.09 during midday trading on Friday, reaching $18.19. 193,721 shares of the company were exchanged, compared to its average volume of 595,608. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. The stock’s 50-day simple moving average is $17.48 and its 200 day simple moving average is $16.23. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -107.35, a price-to-earnings-growth ratio of 3.08 and a beta of 1.26. Veris Residential has a 1-year low of $13.28 and a 1-year high of $18.85.

Wall Street Analysts Forecast Growth

VRE has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, September 16th. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price target for the company from $20.00 to $23.00 in a report on Tuesday. Finally, Evercore ISI increased their target price on Veris Residential from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report 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.