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

Key Points

• Veris Residential, Inc. has declared a quarterly dividend of $0.08 per share, set to be paid on October 10th, with shareholders of record as of September 30th.
• The company has a dividend payout ratio of -177.8%, indicating it currently cannot cover its dividend with earnings alone, relying instead on its balance sheet.
• Despite trading down 0.6% to $15.15, Veris Residential is anticipated to post earnings of $0.61 per share next year, suggesting the potential to cover its dividends in the future.

Veris Residential, Inc. (NYSE:VRE - Get Free Report) announced a quarterly dividend on Monday, August 25th, RTT News reports. Shareholders of record on Tuesday, September 30th will be paid a dividend of 0.08 per share on Friday, October 10th. This represents a c) dividend on an annualized basis and a yield of 2.1%.

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 Trading Down 0.6%

Shares of NYSE:VRE traded down $0.0870 during trading on Monday, hitting $15.1530. The company had a trading volume of 13,596 shares, compared to its average volume of 492,570. Veris Residential has a one year low of $13.69 and a one year high of $18.85. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -65.96, a price-to-earnings-growth ratio of 2.61 and a beta of 1.24. The company has a fifty day simple moving average of $14.53 and a two-hundred day simple moving average of $15.34.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.14 by $0.03. Veris Residential had a negative return on equity of 1.89% and a negative net margin of 7.84%.The firm had revenue of $75.93 million during the quarter, compared to analyst estimates of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. As a group, equities analysts forecast that Veris Residential will post 0.61 earnings per share for the current year.

Institutional Investors Weigh In On Veris Residential

Several institutional investors and hedge funds have recently modified their holdings of VRE. Nuveen LLC bought a new stake in Veris Residential in the first quarter valued at about $34,817,000. Balyasny Asset Management L.P. raised its holdings in Veris Residential by 138.7% in the second quarter. Balyasny Asset Management L.P. now owns 1,068,102 shares of the company's stock worth $15,904,000 after purchasing an additional 620,708 shares during the period. Northern Trust Corp raised its holdings in shares of Veris Residential by 49.1% during the fourth quarter. Northern Trust Corp now owns 1,524,968 shares of the company's stock worth $25,360,000 after acquiring an additional 501,867 shares during the period. Prudential Financial Inc. grew its position in Veris Residential by 9.3% in the second quarter. Prudential Financial Inc. now owns 4,978,947 shares of the company's stock valued at $74,137,000 after purchasing an additional 423,683 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Veris Residential by 72.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,006,694 shares of the company's stock valued at $17,033,000 after acquiring an additional 423,482 shares during the period. Institutional investors and hedge funds own 93.04% of the company's stock.

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.

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