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

Veris Residential, Inc. (NYSE:VRE) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.08 per share on Friday, January 10th. This represents a $0.32 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Tuesday, December 31st. This is an increase from Veris Residential’s previous quarterly dividend of $0.07.

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 -114.3% 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 $0.59 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 54.2%.

Veris Residential Price Performance

NYSE:VRE opened at $16.46 on Friday. Veris Residential has a one year low of $13.84 and a one year high of $18.85. The stock has a market cap of $1.53 billion, a PE ratio of -96.82, a P/E/G ratio of 2.91 and a beta of 1.27. 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 has a 50 day moving average price of $17.47 and a 200 day moving average price of $16.76.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on VRE shares. Bank of America upgraded Veris Residential from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $23.00 in a report on Tuesday, November 12th. JPMorgan Chase & Co. raised shares of Veris Residential from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $17.00 in a research note on Tuesday, December 17th.

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.