Veris Residential, Inc. (NYSE:VRE) Declares Quarterly Dividend of $0.06

Veris Residential, Inc. (NYSE:VRE) announced 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 1.56%. 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 -68.6% meaning 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

VRE opened at $15.39 on Wednesday. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -15.39, a price-to-earnings-growth ratio of 3.08 and a beta of 1.22. Veris Residential has a fifty-two week low of $13.06 and a fifty-two week high of $18.98. The company’s 50-day moving average price is $14.73 and its 200 day moving average price is $14.85. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 1.46.

Wall Street Analysts Forecast Growth

Separately, Truist Financial dropped their price objective 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.

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.