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

Veris Residential, Inc. (NYSE:VRE - Get Free Report) announced a quarterly dividend on Wednesday, May 28th, RTT News reports. Investors of record on Monday, June 30th will be given a dividend of 0.08 per share on Thursday, July 10th. This represents a $0.32 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Monday, June 30th.

Veris Residential has a dividend 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 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 Stock Down 0.9%

Shares of VRE traded down $0.13 during mid-day trading on Monday, hitting $15.07. 386,464 shares of the company's stock were exchanged, compared to its average volume of 522,127. Veris Residential has a twelve month low of $13.84 and a twelve month high of $18.85. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.34. The firm has a fifty day moving average of $15.61 and a two-hundred day moving average of $16.25. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of -88.64, a P/E/G ratio of 2.50 and a beta of 1.24.

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

Institutional Investors Weigh In On Veris Residential

A number of institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted 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 worth $17,033,000 after purchasing an additional 423,482 shares during the last quarter. Jane Street Group LLC boosted its holdings in Veris Residential by 234.4% in 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 grew its position in shares of Veris Residential by 88.8% during the 1st quarter. AQR Capital Management LLC now owns 54,273 shares of the company's stock worth $911,000 after purchasing an additional 25,520 shares in the last quarter. Royal Bank of Canada raised its position in shares of Veris Residential by 26.6% in the first quarter. Royal Bank of Canada now owns 17,263 shares of the company's stock valued at $292,000 after buying an additional 3,623 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Veris Residential by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,695 shares of the company's stock worth $790,000 after buying an additional 2,064 shares in the last quarter. 93.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Truist Financial reduced 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 reissued an "in-line" rating and set a $18.00 price target (down from $20.00) on shares of Veris Residential in a research report on Wednesday, February 26th.

Veris Residential Company Profile

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.