Veris Residential (NYSE:VRE) Issues FY 2024 Earnings Guidance

Veris Residential (NYSE:VRE) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.590-0.600 for the period, compared to the consensus earnings per share estimate of 0.550. The company issued revenue guidance of -.

Veris Residential Price Performance

Shares of Veris Residential stock traded up $0.09 during trading on Wednesday, reaching $16.82. The company’s stock had a trading volume of 325,622 shares, compared to its average volume of 599,156. The business has a 50 day moving average price of $17.42 and a 200-day moving average price of $16.00. The company has a market capitalization of $1.56 billion, a P/E ratio of -25.10, a price-to-earnings-growth ratio of 5.26 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.33. Veris Residential has a 12-month low of $13.06 and a 12-month high of $18.18.

Veris Residential Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 16th. Investors of record on Monday, September 30th were paid a $0.07 dividend. This is a boost from Veris Residential’s previous quarterly dividend of $0.06. The ex-dividend date was Monday, September 30th. This represents a $0.28 annualized dividend and a dividend yield of 1.66%. Veris Residential’s dividend payout ratio (DPR) is -41.79%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VRE. JPMorgan Chase & Co. increased their target price on shares of Veris Residential from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Monday, September 16th. Evercore ISI raised their price objective on Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th.

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.