Vornado Realty Trust (NYSE:VNO) Sets New 12-Month High Following Analyst Upgrade

Vornado Realty Trust (NYSE:VNO)’s share price hit a new 52-week high during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $21.50 to $23.75. The Goldman Sachs Group currently has a sell rating on the stock. Vornado Realty Trust traded as high as $35.31 and last traded at $34.99, with a volume of 95759 shares. The stock had previously closed at $34.13.

Other research analysts have also recently issued reports about the stock. Scotiabank increased their target price on shares of Vornado Realty Trust from $23.00 to $33.00 and gave the company a “sector perform” rating in a report on Wednesday, September 4th. Barclays boosted their target price on Vornado Realty Trust from $21.00 to $27.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 14th. BMO Capital Markets upgraded Vornado Realty Trust from a “market perform” rating to an “outperform” rating and raised their price target for the company from $29.00 to $40.00 in a research report on Thursday, August 8th. Truist Financial boosted their price objective on shares of Vornado Realty Trust from $26.00 to $31.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Finally, Bank of America lifted their target price on shares of Vornado Realty Trust from $26.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $30.43.

Insider Buying and Selling at Vornado Realty Trust

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

Institutional Trading of Vornado Realty Trust

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Vornado Realty Trust during the second quarter valued at approximately $48,000. Fidelis Capital Partners LLC acquired a new stake in Vornado Realty Trust in the 1st quarter valued at $55,000. Principal Securities Inc. acquired a new stake in Vornado Realty Trust in the 4th quarter valued at $58,000. EverSource Wealth Advisors LLC raised its position in Vornado Realty Trust by 61.0% in the first quarter. EverSource Wealth Advisors LLC now owns 2,686 shares of the real estate investment trust’s stock valued at $77,000 after purchasing an additional 1,018 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Vornado Realty Trust by 98.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,972 shares of the real estate investment trust’s stock worth $131,000 after purchasing an additional 2,465 shares in the last quarter. 90.02% of the stock is currently owned by institutional investors and hedge funds.

Vornado Realty Trust Price Performance

The company has a debt-to-equity ratio of 1.78, a current ratio of 5.21 and a quick ratio of 5.21. The company has a market cap of $6.83 billion, a PE ratio of 237.73 and a beta of 1.65. The company has a 50-day moving average price of $30.71 and a two-hundred day moving average price of $27.54.

Vornado Realty Trust (NYSE:VNO) last posted its quarterly earnings data 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). Vornado Realty Trust had a net margin of 4.51% and a return on equity of 3.21%. The firm had revenue of $450.27 million for the quarter, compared to analysts’ expectations of $439.28 million. During the same quarter in the prior year, the business earned $0.72 EPS. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. Sell-side analysts expect that Vornado Realty Trust will post 2.16 earnings per share for the current fiscal year.

About Vornado Realty Trust

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.