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.

TRADEMARK VIOLATION NOTICE: This piece was reported by Daily Political and is the property of of Daily Political. If you are reading this piece on another site, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The original version of this piece can be viewed at https://www.dailypolitical.com/2017/09/17/vornado-realty-trust-vno-lifted-to-hold-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Vornado Realty Trust (VNO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Vornado Realty Trust (NYSE:VNO)

Receive News & Ratings for Vornado Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vornado Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.