Veris Residential, Inc. (VRE) To Go Ex-Dividend on March 31st

Veris Residential, Inc. (NYSE:VRE) declared a quarterly dividend on Thursday, February 27th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.08 per share on Thursday, April 10th. This represents a $0.32 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Monday, March 31st.

Veris Residential has a payout ratio of -152.4% 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 $0.61 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 0.3 %

Shares of VRE opened at $16.77 on Friday. 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 company has a market cap of $1.56 billion, a price-to-earnings ratio of -98.61, a PEG ratio of 2.50 and a beta of 1.24. The stock has a fifty day moving average price of $16.17 and a two-hundred day moving average price of $16.90. Veris Residential has a 52-week low of $13.84 and a 52-week high of $18.85.

Veris Residential (NYSE:VRE) last released its quarterly earnings results on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Veris Residential had a negative net margin of 5.70% and a negative return on equity of 4.97%. The business had revenue of $68.08 million during the quarter, compared to the consensus estimate of $66.98 million. Analysts predict that Veris Residential will post 0.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on VRE. JPMorgan Chase & Co. raised shares of Veris Residential from an “underweight” rating to a “neutral” rating and increased their price target for the company from $14.00 to $17.00 in a research note on Tuesday, December 17th. Truist Financial increased their price objective on Veris Residential from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Monday, March 10th. Finally, Evercore ISI restated an “in-line” rating and set a $18.00 target price (down previously from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th.

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.