Veris Residential, Inc. (VRE) To Go Ex-Dividend on July 3rd

Veris Residential, Inc. (NYSE:VRE) announced a quarterly dividend on Monday, May 6th, Zacks reports. Investors of record on Wednesday, July 3rd will be paid a dividend of 0.06 per share on Tuesday, July 16th. This represents a $0.24 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend is Wednesday, July 3rd. This is an increase from Veris Residential’s previous quarterly dividend of $0.05.

Veris Residential has decreased its dividend payment by an average of 44.5% annually over the last three years. Veris Residential has a payout ratio of -85.7% 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 research analysts expect Veris Residential to earn $0.59 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 40.7%.

Veris Residential Stock Up 1.1 %

Shares of NYSE VRE opened at $15.00 on Monday. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 1.46. Veris Residential has a twelve month low of $13.06 and a twelve month high of $18.98. The business has a 50 day simple moving average of $15.02 and a 200-day simple moving average of $15.09.

Insiders Place Their Bets

In related news, CEO Mahbod Nia bought 35,000 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were bought at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the purchase, the chief executive officer now owns 380,869 shares of the company’s stock, valued at approximately $5,454,044.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Mahbod Nia purchased 35,000 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were bought at an average price of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the purchase, the chief executive officer now owns 380,869 shares of the company’s stock, valued at $5,454,044.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Nori Gerardo Lietz purchased 10,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were acquired at an average cost of $14.31 per share, for a total transaction of $143,100.00. Following the acquisition, the director now owns 39,687 shares of the company’s stock, valued at approximately $567,920.97. The disclosure for this purchase can be found here. 15.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Truist Financial lowered their target price on shares of Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a research note on Monday, June 24th. JPMorgan Chase & Co. increased their price objective on shares of Veris Residential from $11.00 to $13.00 and gave the stock an “underweight” rating in a research note on Monday, June 17th. Finally, Evercore ISI cut their target price on shares of Veris Residential from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th.

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.