Vornado Realty Trust (NYSE:VNO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “Shares of Vornado have underperformed the industry it belongs to, in the past six months. Further, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward in a months’ time. Recently, the company disclosed that its fourth quarter results will reflect a negative impact of 18 cents due to certain tax expenses, repayment expenses and other losses. As part of its portfolio repositioning efforts, the company has been aggressively disposing its assets. However, dilutive impact on earnings from divestitures of assets cannot be bypassed in the near term. Also, intense competition and hike in interest rates remain concerns. Nevertheless, Vornado has a portfolio of premium assets in high-rent, high barrier-to-entry markets as well as a diverse tenant base.”

Other research analysts have also recently issued research reports about the stock. Barclays restated a “hold” rating and set a $75.00 price target on shares of Vornado Realty Trust in a research note on Wednesday, January 31st. JPMorgan Chase & Co. lowered shares of Vornado Realty Trust from an “overweight” rating to a “neutral” rating and set a $92.00 price objective for the company. in a report on Friday, December 15th. TheStreet raised shares of Vornado Realty Trust from a “c+” rating to a “b-” rating in a report on Monday, December 18th. SunTrust Banks raised shares of Vornado Realty Trust from a “hold” rating to a “buy” rating in a report on Monday, January 22nd. They noted that the move was a valuation call. Finally, Morgan Stanley raised shares of Vornado Realty Trust from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $81.00 to $84.00 in a report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $89.45.

Shares of Vornado Realty Trust (VNO) traded down $0.08 on Wednesday, reaching $67.71. 711,117 shares of the company’s stock were exchanged, compared to its average volume of 1,196,129. The company has a market capitalization of $12,831.95, a PE ratio of 16.42, a price-to-earnings-growth ratio of 4.07 and a beta of 0.86. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.20. Vornado Realty Trust has a 1 year low of $66.01 and a 1 year high of $89.38.

Several hedge funds and other institutional investors have recently bought and sold shares of VNO. Fieldpoint Private Securities LLC acquired a new stake in shares of Vornado Realty Trust in the third quarter valued at approximately $100,000. West Oak Capital LLC acquired a new stake in shares of Vornado Realty Trust in the fourth quarter valued at approximately $138,000. Huntington National Bank increased its holdings in shares of Vornado Realty Trust by 167.3% in the fourth quarter. Huntington National Bank now owns 1,903 shares of the real estate investment trust’s stock valued at $149,000 after purchasing an additional 1,191 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Vornado Realty Trust by 56.2% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,996 shares of the real estate investment trust’s stock valued at $154,000 after purchasing an additional 718 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its holdings 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 valued at $204,000 after purchasing an additional 785 shares in the last quarter. 85.74% of the stock is owned by institutional investors.

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About Vornado Realty Trust

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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