Vornado Realty Trust (VNO) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Vornado Realty Trust (NYSE:VNO) from a sell rating to a hold rating in a research note issued to investors on Thursday morning.
According to Zacks, “Shares of Vornado have underperformed its industry, in the past three months. Nevertheless, the company reported third-quarter 2017 funds from operations (FFO) per share of 52 cents, beating the Zacks Consensus Estimate by a penny. Results reflect growth in occupancy and same-store net operating income (NOI) in the New York portfolio. As part of its portfolio-repositioning efforts, the company has been aggressively disposing its assets. In July, it completed the spin-off of its Washington, DC segment. This made Vornado a New York-based office and retail REIT. Notably, the streamlining efforts are a strategic fit for the long term. Moreover, the company is expected to benefit from the improvement in the economy and the job market. However, dilutive impact on earnings from divestitures of assets cannot be bypassed in the near term. Further, intense competition and hike in interest rates remain concerns.”
A number of other research analysts have also recently issued reports on the stock. Barclays PLC reissued a hold rating and set a $80.00 price target on shares of Vornado Realty Trust in a research report on Thursday, October 19th. Morgan Stanley raised shares of Vornado Realty Trust from an equal weight rating to an overweight rating and lifted their price target for the company from $81.00 to $84.00 in a research report on Tuesday, October 10th. Sandler O’Neill reissued a buy rating and set a $90.00 price target on shares of Vornado Realty Trust in a research report on Tuesday, September 26th. Stifel Nicolaus cut shares of Vornado Realty Trust from a buy rating to a hold rating and lowered their price target for the company from $86.00 to $77.00 in a research report on Wednesday, August 30th. Finally, BidaskClub raised shares of Vornado Realty Trust from a sell rating to a hold rating in a research report on Saturday, August 26th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $93.67.
Vornado Realty Trust (VNO) traded up $0.35 during trading hours on Thursday, hitting $75.61. 763,900 shares of the stock traded hands, compared to its average volume of 1,190,377. Vornado Realty Trust has a 12-month low of $71.89 and a 12-month high of $89.38. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.26 and a current ratio of 0.26. The stock has a market cap of $14,356.68, a PE ratio of 18.53, a price-to-earnings-growth ratio of 4.59 and a beta of 0.99.
Vornado Realty Trust (NYSE:VNO) last posted its earnings results on Monday, October 30th. The real estate investment trust reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.90. Vornado Realty Trust had a net margin of 35.23% and a return on equity of 4.73%. The firm had revenue of $528.76 million during the quarter, compared to analysts’ expectations of $545.53 million. During the same period last year, the company posted $0.35 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. equities research analysts expect that Vornado Realty Trust will post 3.89 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.17%. Vornado Realty Trust’s dividend payout ratio is presently 57.97%.
Hedge funds have recently made changes to their positions in the company. Bessemer Group Inc. grew 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 worth $102,000 after acquiring an additional 419 shares during the period. Sun Life Financial INC grew 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 worth $118,000 after acquiring an additional 1,248 shares during the period. Exane Asset Management bought a new stake in shares of Vornado Realty Trust in the second quarter worth approximately $187,000. Perigon Wealth Management LLC grew its stake in shares of Vornado Realty Trust by 56.5% in the second quarter. Perigon Wealth Management LLC now owns 2,175 shares of the real estate investment trust’s stock worth $204,000 after acquiring an additional 785 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in shares of Vornado Realty Trust by 48.3% in the second quarter. Advisors Asset Management Inc. now owns 2,209 shares of the real estate investment trust’s stock worth $207,000 after acquiring an additional 719 shares during the period. Hedge funds and other institutional investors own 85.39% of the company’s stock.
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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