Vornado Realty Trust (VNO) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Vornado Realty Trust (NYSE:VNO) from a strong sell rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Shares of Vornado have underperformed its industry year to date. However, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in a month’s time. Notably, 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. While the streamlining efforts are a strategic fit for the long-term, the earnings dilutive impact cannot be bypassed in the near term. Further, stiff competition and hike in interest rates remain concerns. Nevertheless, Vornado’s premium assets in high-rent, high barrier-to-entry markets and a diverse tenant base are likely to drive its growth.”
VNO has been the topic of a number of other reports. BidaskClub raised shares of Vornado Realty Trust from a sell rating to a hold rating in a research note on Saturday, August 26th. Morgan Stanley reaffirmed an equal weight rating and issued a $78.00 price objective (down from $81.00) on shares of Vornado Realty Trust in a research note on Friday, September 1st. TheStreet lowered shares of Vornado Realty Trust from a b- rating to a c+ rating in a research note on Tuesday, June 20th. Barclays PLC reduced their price objective on shares of Vornado Realty Trust from $104.00 to $103.00 and set an equal weight rating on the stock in a research note on Tuesday, July 18th. Finally, Evercore ISI raised shares of Vornado Realty Trust from an in-line rating to an outperform rating and set a $106.00 price objective on the stock in a research note on Monday, July 10th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $96.30.
Vornado Realty Trust (NYSE:VNO) opened at 75.11 on Wednesday. Vornado Realty Trust has a 12 month low of $69.81 and a 12 month high of $90.32. The stock’s 50 day moving average is $75.83 and its 200-day moving average is $78.21. The company has a market capitalization of $14.23 billion, a PE ratio of 16.22 and a beta of 0.99.
Vornado Realty Trust (NYSE:VNO) last posted its quarterly earnings data on Monday, July 31st. The real estate investment trust reported $1.35 EPS for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.09. Vornado Realty Trust had a net margin of 37.96% and a return on equity of 4.51%. The company had revenue of $626.04 million for the quarter, compared to analyst estimates of $633.19 million. During the same period in the prior year, the firm posted $1.21 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, analysts expect that Vornado Realty Trust will post $1.22 EPS for the current year.
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The business also recently announced a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.20%. The ex-dividend date was Thursday, August 3rd. Vornado Realty Trust’s dividend payout ratio is presently 51.72%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. lifted its stake in shares of Vornado Realty Trust by 62.1% in the second quarter. Bessemer Group Inc. now owns 1,094 shares of the real estate investment trust’s stock valued at $102,000 after buying an additional 419 shares in the last quarter. Sun Life Financial INC lifted its stake 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 valued at $118,000 after buying an additional 1,248 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its stake in shares of Vornado Realty Trust by 62.5% in the first quarter. Harvest Fund Management Co. Ltd now owns 1,300 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 500 shares in the last quarter. Perigon Wealth Management LLC bought a new position in shares of Vornado Realty Trust in the first quarter valued at $139,000. Finally, Advisors Asset Management Inc. lifted its stake in shares of Vornado Realty Trust by 98.9% in the first quarter. Advisors Asset Management Inc. now owns 1,490 shares of the real estate investment trust’s stock valued at $149,000 after buying an additional 741 shares in the last quarter. 86.07% of the stock is currently owned by institutional investors and hedge funds.
Vornado Realty Trust Company Profile
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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