Zacks Investment Research upgraded shares of Vornado Realty Trust (NYSE:VNO) from a hold rating to a buy rating in a research report report published on Tuesday, October 17th. Zacks Investment Research currently has $88.00 target price on the real estate investment trust’s stock.
According to Zacks, “Shares of Vornado have outperformed its industry in the past three months. The company’s premium assets in high-rent, high barrier-to-entry markets and a diverse tenant base are likely to drive its growth. In a bid to improve its core business operations, the company has been aggressively disposing its non-strategic assets. In July, it completed the spin-off of its Washington, DC business. This made Vornado a New York-based office and retail REIT. The streamlining efforts are a strategic fit and are expected to propel growth over the long-term. However, the earnings dilutive impact cannot be bypassed in the near term. Further, stiff competition and hike in interest rates remain concerns.”
Several other brokerages have also recently issued reports on VNO. Barclays PLC reduced their price objective on Vornado Realty Trust from $104.00 to $103.00 and set an equal weight rating for the company in a report on Tuesday, July 18th. BidaskClub raised Vornado Realty Trust from a sell rating to a hold rating in a report on Tuesday, June 27th. Evercore ISI raised Vornado Realty Trust from an in-line rating to an outperform rating and set a $106.00 price target for the company in a report on Monday, July 10th. TheStreet cut Vornado Realty Trust from a b- rating to a c+ rating in a report on Tuesday, June 20th. Finally, Bank of America Corporation reissued a buy rating and issued a $113.00 price target (up from $112.00) on shares of Vornado Realty Trust in a report on Thursday, June 22nd. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Vornado Realty Trust has a consensus rating of Buy and a consensus target price of $93.67.
Vornado Realty Trust (VNO) opened at 72.98 on Tuesday. Vornado Realty Trust has a 12-month low of $69.81 and a 12-month high of $90.32. The stock has a market capitalization of $13.83 billion, a price-to-earnings ratio of 15.76 and a beta of 1.00. The company has a 50 day moving average of $76.15 and a 200-day moving average of $76.74.
Vornado Realty Trust (NYSE:VNO) last issued its quarterly earnings data on Monday, July 31st. The real estate investment trust reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.09. The firm had revenue of $626.04 million during the quarter, compared to analysts’ expectations of $633.19 million. Vornado Realty Trust had a return on equity of 4.51% and a net margin of 37.96%. Vornado Realty Trust’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.21 earnings per share. On average, equities research analysts forecast that Vornado Realty Trust will post $1.25 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, November 3rd. Vornado Realty Trust’s dividend payout ratio (DPR) is presently 51.72%.
A number of hedge funds have recently bought and sold shares of VNO. Bessemer Group Inc. grew its position in Vornado Realty Trust by 62.1% during the second quarter. Bessemer Group Inc. now owns 1,094 shares of the real estate investment trust’s stock valued at $102,000 after acquiring an additional 419 shares during the period. Sun Life Financial INC boosted its position in shares of Vornado Realty Trust by 13,866.7% in the second quarter. Sun Life Financial INC now owns 1,257 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 1,248 shares during the period. Perigon Wealth Management LLC purchased a new stake in shares of Vornado Realty Trust in the first quarter worth about $139,000. Exane Asset Management purchased a new stake in shares of Vornado Realty Trust in the second quarter worth about $187,000. Finally, Global X Management Co. LLC boosted its position in shares of Vornado Realty Trust by 44.6% in the first quarter. Global X Management Co. LLC now owns 2,041 shares of the real estate investment trust’s stock worth $205,000 after buying an additional 630 shares during the period. 85.90% of the stock is owned by hedge funds and other institutional investors.
About Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust (REIT). The Company conducts its business through Vornado Realty L.P. (the Operating Partnership). The Company operates through two segments: New York and Washington, DC. As of December 31, 2016, the Company’s New York segment consisted of 28.3 million square feet in 86 properties.
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