Zacks Investment Research Upgrades Vornado Realty Trust (VNO) to Buy
Vornado Realty Trust (NYSE:VNO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $88.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.49% from the stock’s current price.
According to Zacks, “Shares of Vornado have outperformed its industry in the past three months. The company’s premium assets in high-rent, high barrier-to-entry markets and a diverse tenant base are likely to drive its growth. 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. This made Vornado a New York-based office and retail REIT. The streamlining efforts are a strategic fit and are expected to propel growth over the long-term. However, the earnings dilutive impact cannot be bypassed in the near term. Further, stiff competition and hike in interest rates remain concerns.”
VNO has been the subject of a number of other reports. Morgan Stanley upgraded Vornado Realty Trust from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $81.00 to $84.00 in a research note on Tuesday, October 10th. BidaskClub upgraded Vornado Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. TheStreet downgraded Vornado Realty Trust from a “b-” rating to a “c+” rating in a research note on Tuesday, June 20th. Barclays PLC decreased their price target on Vornado Realty Trust from $104.00 to $103.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 18th. Finally, Evercore ISI upgraded Vornado Realty Trust from an “in-line” rating to an “outperform” rating and set a $106.00 price target for the company in a research note on Monday, July 10th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $95.58.
Vornado Realty Trust (VNO) traded down 0.82% during trading on Tuesday, reaching $78.28. The company’s stock had a trading volume of 289,799 shares. The stock’s 50 day moving average is $75.98 and its 200-day moving average is $77.06. The firm has a market cap of $14.83 billion, a P/E ratio of 16.91 and a beta of 1.00. Vornado Realty Trust has a 52 week low of $69.81 and a 52 week high of $90.32.
Vornado Realty Trust (NYSE:VNO) last announced its earnings results on Monday, July 31st. The real estate investment trust reported $1.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.09. Vornado Realty Trust had a return on equity of 4.51% and a net margin of 37.96%. The business had revenue of $626.04 million for the quarter, compared to analyst estimates of $633.19 million. During the same quarter last year, the firm earned $1.21 EPS. Vornado Realty Trust’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Vornado Realty Trust will post $1.25 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of Vornado Realty Trust by 62.1% during the 2nd 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 boosted its stake in Vornado Realty Trust by 13,866.7% in the 2nd quarter. Sun Life Financial INC now owns 1,257 shares of the real estate investment trust’s stock valued at $118,000 after purchasing an additional 1,248 shares during the period. Perigon Wealth Management LLC bought a new stake in Vornado Realty Trust in the 1st quarter valued at $139,000. Exane Asset Management bought a new stake in Vornado Realty Trust in the 2nd quarter valued at $187,000. Finally, Global X Management Co. LLC boosted its stake in Vornado Realty Trust by 44.6% in the 1st quarter. Global X Management Co. LLC now owns 2,041 shares of the real estate investment trust’s stock valued at $205,000 after purchasing an additional 630 shares during the period. Institutional investors own 85.94% 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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