Veris Residential, Inc. Declares Quarterly Dividend of $0.08 (NYSE:VRE)
Veris Residential, Inc. (NYSE:VRE) declared a quarterly dividend of $0.08 per share, payable on January 9th to shareholders of record on December 31st. This represents an annualized yield of 2.1%. The company has decreased its dividend by an average of 0.2% annually over the last three years and has a payout ratio of -177.8%, indicating reliance on its balance sheet for dividend payments. Analysts expect Veris Residential to earn $0.61 per share next year, allowing it to cover its $0.32 annual dividend with a future payout ratio of 52.5%.
Veris Residential, Inc. (NYSE:VRE - Get Free Report) announced a quarterly dividend on Wednesday, November 5th. Shareholders of record on Wednesday, December 31st will be paid a dividend of 0.08 per share on Friday, January 9th. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, December 31st.
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Veris Residential has decreased its dividend by an average of 0.2%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Veris Residential has a payout ratio of -177.8% 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 research 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%.
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Veris Residential Price Performance
Shares of VRE stock traded up $0.20 during trading hours on Wednesday, hitting $14.90. The company's stock had a trading volume of 666,483 shares, compared to its average volume of 539,003. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.13. The business has a fifty day moving average of $15.13 and a 200-day moving average of $14.99. Veris Residential has a twelve month low of $13.69 and a twelve month high of $18.85. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 22.24, a P/E/G ratio of 2.27 and a beta of 1.35.
Veris Residential (NYSE:VRE - Get Free Report) last posted its earnings results on Wednesday, October 22nd. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.05. The firm had revenue of $73.44 million for the quarter, compared to analyst estimates of $73.74 million. Veris Residential had a return on equity of 4.72% and a net margin of 22.09%. Veris Residential has set its FY 2025 guidance at 0.670-0.680 EPS. As a group, equities research analysts anticipate that Veris Residential will post 0.61 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Veris Residential in a research note on Thursday, October 30th. BTIG Research lowered their price target on shares of Veris Residential from $26.00 to $22.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Wall Street Zen raised shares of Veris Residential from a "hold" rating to a "buy" rating in a research report on Saturday, October 25th. Finally, Evercore ISI raised their target price on shares of Veris Residential from $17.50 to $18.00 and gave the stock an "in-line" rating in a research report on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Veris Residential currently has an average rating of "Hold" and an average price target of $19.20.
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Veris Residential Company Profile
(Get Free Report)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.
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