Zacks Investment Research Lowers Vornado Realty Trust (VNO) to Sell
According to Zacks, “Vornado reported fourth-quarter 2016 adjusted funds from operations (FFO) per share of $1.13, missing the Zacks Consensus Estimate of $1.31. Results reflect a fall in occupancy in the Washington DC portfolio. Though the shares of Vornado outperformed the Zacks categorized REIT and Equity Trust – Other industry over the past three months, the 2017 estimate declined over the past 60 days. As part of its portfolio-repositioning efforts, the company is aggressively disposing its assets, which has earnings dilutive effects. Further, stiff competition and hike in interest rates remain its concerns. Nevertheless, Vornado has Class A office assets located in high-rent, high barrier-to-entry markets and a diverse tenant base. Also, strategic acquisitions and divestitures including spin-offs and a strong New York business have the capability to drive long-term growth.”
A number of other equities research analysts have also weighed in on the company. J P Morgan Chase & Co boosted their target price on Vornado Realty Trust from $110.00 to $115.00 and gave the company an overweight rating in a research note on Wednesday, November 30th. Bank of America Corporation raised Vornado Realty Trust from a neutral rating to a buy rating and boosted their target price for the company from $108.00 to $114.00 in a research note on Friday, November 11th. Finally, Barclays PLC lowered their target price on Vornado Realty Trust from $103.00 to $101.00 and set a hold rating for the company in a research note on Monday, January 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $107.61.
Vornado Realty Trust (NYSE:VNO) opened at 109.98 on Tuesday. Vornado Realty Trust has a one year low of $83.10 and a one year high of $110.11. The firm has a 50-day moving average price of $106.03 and a 200 day moving average price of $101.07. The company has a market cap of $20.80 billion, a price-to-earnings ratio of 25.37 and a beta of 0.88.
Vornado Realty Trust (NYSE:VNO) last issued its quarterly earnings results on Monday, February 13th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.31 by $0.18. Vornado Realty Trust had a return on equity of 4.57% and a net margin of 36.19%. The firm had revenue of $638.26 million for the quarter, compared to the consensus estimate of $637.56 million. During the same period last year, the firm earned $1.27 EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. Equities analysts expect that Vornado Realty Trust will post $1.93 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Wednesday, February 15th. Stockholders of record on Monday, January 30th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date was Thursday, January 26th. This is a positive change from Vornado Realty Trust’s previous quarterly dividend of $0.63. Vornado Realty Trust’s payout ratio is 65.59%.
In other news, insider Mitchell N. Schear sold 15,000 shares of the business’s stock in a transaction dated Thursday, December 29th. The stock was sold at an average price of $102.64, for a total value of $1,539,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph Macnow sold 40,000 shares of the business’s stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $102.98, for a total value of $4,119,200.00. Following the completion of the sale, the executive vice president now directly owns 30,000 shares of the company’s stock, valued at approximately $3,089,400. The disclosure for this sale can be found here. Insiders own 9.72% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in VNO. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Vornado Realty Trust during the third quarter worth about $105,000. Global X Management Co. LLC increased its position in shares of Vornado Realty Trust by 97.2% in the third quarter. Global X Management Co. LLC now owns 1,138 shares of the real estate investment trust’s stock worth $115,000 after buying an additional 561 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Vornado Realty Trust by 1.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,404 shares of the real estate investment trust’s stock worth $146,000 after buying an additional 20 shares in the last quarter. First Allied Advisory Services Inc. acquired a new position in shares of Vornado Realty Trust during the fourth quarter worth about $210,000. Finally, IFM Investors Pty Ltd acquired a new position in shares of Vornado Realty Trust during the fourth quarter worth about $223,000. Institutional investors own 90.25% of the company’s stock.
Vornado Realty Trust Company Profile
Vornado Realty Trust is a fully integrated real estate investment trust (REIT). The Company conducts its business through, and its interests in properties are held by, Vornado Realty L.P. (the Operating Partnership). It is the sole general partner of, and owns common limited partnership interest in the Operating Partnership.
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