Vornado Realty Trust (NYSE:VNO) Issues Quarterly Earnings Results

Vornado Realty Trust (NYSE:VNO) issued its quarterly earnings data on Monday. The real estate investment trust reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.89), FiscalAI reports. Vornado Realty Trust had a return on equity of 1.37% and a net margin of 3.71%. The company had revenue of $467.66 million for the quarter, compared to analyst estimates of $477.39 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was up 3.1% on a year-over-year basis.

Vornado Realty Trust Trading Up 1.4%

NYSE VNO opened at $35.04 on Tuesday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 5.24 and a current ratio of 5.24. Vornado Realty Trust has a one year low of $24.57 and a one year high of $41.60. The company has a 50-day simple moving average of $34.90 and a 200-day simple moving average of $33.39. The firm has a market capitalization of $6.54 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.58.

Analyst Upgrades and Downgrades

Several analysts have commented on VNO shares. Weiss Ratings restated a “sell (d+)” rating on shares of Vornado Realty Trust in a report on Monday. Citigroup boosted their price target on Vornado Realty Trust from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Barclays raised their price objective on Vornado Realty Trust from $29.00 to $34.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Mizuho boosted their target price on Vornado Realty Trust from $34.00 to $42.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Finally, Piper Sandler dropped their target price on shares of Vornado Realty Trust from $44.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $38.91.

Insiders Place Their Bets

In other news, EVP Haim Chera sold 90,000 shares of Vornado Realty Trust stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $34.01, for a total transaction of $3,060,900.00. Following the sale, the executive vice president owned 110,000 shares of the company’s stock, valued at approximately $3,741,100. The trade was a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 9.00% of the stock is owned by corporate insiders.

About Vornado Realty Trust

Vornado Realty Trust is a publicly traded real estate investment trust that owns, manages and develops commercial properties, with a primary focus on premier office and retail assets in New York City. The company’s portfolio includes office buildings, retail properties and mixed-use developments located in high-profile business and shopping districts.

Vornado is particularly active in Manhattan, where it has pursued large-scale development and redevelopment initiatives in the Penn District surrounding Pennsylvania Station.