Veris Residential, Inc. (NYSE:VRE) Plans $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. Investors of record on Tuesday, September 30th will be given a dividend of 0.08 per share on Friday, October 10th. This represents a c) annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, September 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. 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 Up 1.5%

Veris Residential stock traded up $0.24 during trading hours on Friday, hitting $15.73. The stock had a trading volume of 489,677 shares, compared to its average volume of 512,453. The business's 50 day simple moving average is $14.57 and its 200-day simple moving average is $15.33. Veris Residential has a one year low of $13.69 and a one year high of $18.85. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -68.37, a P/E/G ratio of 2.65 and a beta of 1.24. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.47.

Veris Residential (NYSE:VRE - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.17 earnings per share (EPS) for the quarter, beating 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 company had revenue of $75.93 million during the quarter, compared to the consensus estimate of $69.06 million. Veris Residential has set its FY 2025 guidance at 0.630-0.640 EPS. On average, equities analysts predict that Veris Residential will post 0.61 EPS for the current fiscal year.

Institutional Trading of Veris Residential

Several institutional investors have recently made changes to their positions in VRE. Raymond James Financial Inc. bought a new position in shares of Veris Residential during the fourth quarter valued at about $1,737,000. MetLife Investment Management LLC lifted its position in shares of Veris Residential by 5.4% during the 4th quarter. MetLife Investment Management LLC now owns 49,810 shares of the company's stock worth $828,000 after buying an additional 2,537 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Veris Residential by 6.1% in the 4th quarter. Hsbc Holdings PLC now owns 71,201 shares of the company's stock worth $1,183,000 after buying an additional 4,080 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Veris Residential by 9.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,332 shares of the company's stock valued at $1,037,000 after acquiring an additional 5,523 shares in the last quarter. Finally, Tudor Investment Corp ET AL grew its holdings in shares of Veris Residential by 295.8% in the fourth quarter. Tudor Investment Corp ET AL now owns 247,252 shares of the company's stock valued at $4,112,000 after acquiring an additional 184,787 shares in the last quarter. Institutional investors 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.