Veris Residential, Inc. (VRE) To Go Ex-Dividend on December 31st

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.08 per share on Friday, January 10th. This represents a $0.32 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Veris Residential’s previous quarterly dividend of $0.07.

Veris Residential has decreased its dividend payment by an average of 44.5% per year over the last three years. Veris Residential has a payout ratio of -100.0% 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 $0.59 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 47.5%.

Veris Residential Price Performance

Shares of VRE stock opened at $18.21 on Friday. The firm has a 50 day moving average price of $17.50 and a two-hundred day moving average price of $16.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.73 and a current ratio of 0.73. Veris Residential has a 12-month low of $13.28 and a 12-month high of $18.85.

Wall Street Analysts Forecast Growth

VRE has been the subject of a number of analyst reports. Bank of America upgraded shares of Veris Residential from a “neutral” rating to a “buy” rating and lifted their price target for the company from $20.00 to $23.00 in a research report on Tuesday, November 12th. JPMorgan Chase & Co. lifted their price target on shares of Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Monday, September 16th. Finally, Evercore ISI lifted their price target on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th.

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.