Veris Residential, Inc. (VRE) to Issue Quarterly Dividend of $0.08 on July 10th

Veris Residential, Inc. (NYSE:VRE) declared a quarterly dividend on Wednesday, May 28th, RTT News reports. Shareholders 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 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend 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. 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 0.6%

NYSE VRE opened at $15.00 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.38. Veris Residential has a 52 week low of $14.12 and a 52 week high of $18.85. The business has a 50 day moving average price of $15.28 and a 200-day moving average price of $15.87. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -46.86, a P/E/G ratio of 1.66 and a beta of 1.23.

Veris Residential (NYSE:VRE) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. The business had revenue of $67.76 million during the quarter, compared to the consensus estimate of $69.24 million. Veris Residential had a negative net margin of 11.02% and a negative return on equity of 2.62%. As a group, equities analysts expect that Veris Residential will post 0.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on VRE shares. Truist Financial decreased their target price on shares of Veris Residential from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Wall Street Zen downgraded Veris Residential from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.50.

Hedge Funds Weigh In On Veris Residential

A number of hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in shares of Veris Residential by 72.6% in the first 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 last quarter. Jane Street Group LLC grew its position in Veris Residential by 234.4% in the 1st quarter. Jane Street Group LLC now owns 113,848 shares of the company’s stock worth $1,926,000 after purchasing an additional 79,802 shares in the last quarter. AQR Capital Management LLC increased its stake in Veris Residential by 88.8% in the 1st quarter. AQR Capital Management LLC now owns 54,273 shares of the company’s stock valued at $911,000 after buying an additional 25,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Veris Residential by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,695 shares of the company’s stock valued at $790,000 after buying an additional 2,064 shares during the last quarter. Finally, Royal Bank of Canada lifted its position 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 buying an additional 3,623 shares in the last quarter. 93.04% of the stock is owned by hedge funds and other institutional investors.

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.