Vornado Realty Trust (NYSE:VNO) Sets New 1-Year High on Analyst Upgrade

Vornado Realty Trust (NYSE:VNO)’s stock price reached a new 52-week high during trading on Monday after Evercore ISI upgraded the stock from an underperform rating to an outperform rating. Evercore ISI now has a $38.00 price target on the stock, up from their previous price target of $32.00. Vornado Realty Trust traded as high as $32.37 and last traded at $32.26, with a volume of 36925 shares. The stock had previously closed at $32.01.

Several other analysts also recently weighed in on the stock. StockNews.com upgraded shares of Vornado Realty Trust to a “sell” rating in a research report on Saturday, July 20th. Barclays lifted their price target on Vornado Realty Trust from $21.00 to $27.00 and gave the company an “underweight” rating in a report on Wednesday, August 14th. Piper Sandler raised Vornado Realty Trust from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $22.00 to $30.00 in a report on Thursday, August 8th. Scotiabank lowered their target price on Vornado Realty Trust from $24.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 16th. Finally, Compass Point lifted their target price on Vornado Realty Trust from $27.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $28.50.

Insider Activity at Vornado Realty Trust

In other news, Director Russell B. Wight, Jr. sold 2,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $28.19, for a total value of $56,380.00. Following the transaction, the director now owns 3,034 shares in the company, valued at approximately $85,528.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Vornado Realty Trust

Hedge funds and other institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System bought a new position in shares of Vornado Realty Trust during the 4th quarter valued at $1,268,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Vornado Realty Trust by 7.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 188,337 shares of the real estate investment trust’s stock valued at $5,321,000 after buying an additional 12,865 shares in the last quarter. Signaturefd LLC lifted its position in shares of Vornado Realty Trust by 4.0% in the fourth quarter. Signaturefd LLC now owns 21,168 shares of the real estate investment trust’s stock worth $598,000 after buying an additional 805 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Vornado Realty Trust by 6.4% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,943 shares of the real estate investment trust’s stock worth $733,000 after acquiring an additional 1,558 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Vornado Realty Trust by 13.9% during the 4th quarter. Handelsbanken Fonder AB now owns 36,000 shares of the real estate investment trust’s stock valued at $1,017,000 after acquiring an additional 4,400 shares during the last quarter. 90.02% of the stock is owned by hedge funds and other institutional investors.

Vornado Realty Trust Price Performance

The stock has a 50 day moving average of $28.21 and a two-hundred day moving average of $26.66. The company has a debt-to-equity ratio of 1.78, a quick ratio of 5.21 and a current ratio of 5.21. The firm has a market capitalization of $6.37 billion, a P/E ratio of 222.88 and a beta of 1.64.

Vornado Realty Trust (NYSE:VNO) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.37). The firm had revenue of $450.27 million during the quarter, compared to analyst estimates of $439.28 million. Vornado Realty Trust had a net margin of 4.51% and a return on equity of 3.21%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 earnings per share. Sell-side analysts predict that Vornado Realty Trust will post 2.12 earnings per share for the current fiscal year.

Vornado Realty Trust Company Profile

Vornado is a fully integrated real estate investment trust (REIT) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.