Veris Residential, Inc. (NYSE:VRE) to Issue $0.08 Quarterly Dividend

Veris Residential, Inc. (NYSE:VRE - Get Free Report) declared a quarterly dividend on Wednesday, May 28th, RTT News reports. Investors of record on Monday, June 30th will be paid a dividend of 0.08 per share on Thursday, July 10th. This represents a $0.32 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Monday, June 30th.

Veris Residential has a payout ratio of -177.8% 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 $0.61 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 0.7%

Shares of VRE traded up $0.10 during trading hours on Friday, hitting $15.23. The company had a trading volume of 980,151 shares, compared to its average volume of 523,145. The firm has a market cap of $1.42 billion, a P/E ratio of -89.58, a P/E/G ratio of 2.50 and a beta of 1.24. The stock's 50 day moving average price is $15.61 and its 200 day moving average price is $16.28. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. Veris Residential has a 52-week low of $13.84 and a 52-week high of $18.85.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. The firm had revenue of $67.76 million for the quarter, compared to the consensus estimate of $69.24 million. Veris Residential had a negative return on equity of 4.97% and a negative net margin of 5.70%. On average, research analysts predict that Veris Residential will post 0.61 EPS for the current year.

Wall Street Analysts Forecast Growth

VRE has been the topic of several analyst reports. Truist Financial decreased their price objective on Veris Residential from $17.00 to $16.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Evercore ISI reiterated an "in-line" rating and issued a $18.00 price objective (down previously from $20.00) on shares of Veris Residential in a report on Wednesday, February 26th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of VRE. Goldman Sachs Group Inc. increased its holdings in Veris Residential by 72.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company's stock valued at $17,033,000 after purchasing an additional 423,482 shares during the period. Jane Street Group LLC increased its holdings in Veris Residential by 234.4% during the 1st quarter. Jane Street Group LLC now owns 113,848 shares of the company's stock valued at $1,926,000 after purchasing an additional 79,802 shares during the period. AQR Capital Management LLC increased its holdings in Veris Residential by 88.8% during the 1st quarter. AQR Capital Management LLC now owns 54,273 shares of the company's stock valued at $911,000 after purchasing an additional 25,520 shares during the period. Royal Bank of Canada grew its holdings in shares of Veris Residential by 26.6% during the 1st quarter. Royal Bank of Canada now owns 17,263 shares of the company's stock worth $292,000 after acquiring an additional 3,623 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Veris Residential by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,695 shares of the company's stock worth $790,000 after acquiring an additional 2,064 shares during the period. Hedge funds and other institutional investors own 93.04% of the company's stock.

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.