Vornado Realty Trust (VNO) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Vornado Realty Trust (NYSE:VNO) from a hold rating to a buy rating in a research report report published on Tuesday, October 17th. They currently have $88.00 target price on the real estate investment trust’s stock.

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 several other research reports. Morgan Stanley raised shares of Vornado Realty Trust from an equal weight rating to an overweight rating and increased their price target for the company from $81.00 to $84.00 in a research report on Tuesday, October 10th. BidaskClub upgraded shares of Vornado Realty Trust from a sell rating to a hold rating in a report on Saturday, August 26th. TheStreet lowered shares of Vornado Realty Trust from a b- rating to a c+ rating in a report on Tuesday, June 20th. Barclays PLC decreased their price objective on shares of Vornado Realty Trust from $104.00 to $103.00 and set an equal weight rating for the company in a report on Tuesday, July 18th. Finally, Evercore ISI upgraded shares of 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $93.67.

Vornado Realty Trust (NYSE:VNO) traded up $0.95 during trading on Tuesday, reaching $74.20. 649,656 shares of the company were exchanged, compared to its average volume of 1,124,950. The company has a market cap of $13,908.56, a price-to-earnings ratio of 17.95, a PEG ratio of 4.44 and a beta of 0.99. Vornado Realty Trust has a twelve month low of $71.89 and a twelve month high of $111.72. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.20.

Vornado Realty Trust (NYSE:VNO) last announced its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.90. The company had revenue of $528.76 million during the quarter, compared to analysts’ expectations of $545.53 million. Vornado Realty Trust had a net margin of 35.23% and a return on equity of 4.73%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. research analysts anticipate that Vornado Realty Trust will post 3.89 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Friday, November 3rd. Vornado Realty Trust’s dividend payout ratio is currently 57.97%.

Several institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its position in 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 purchasing an additional 419 shares during the last quarter. Sun Life Financial INC boosted its stake in Vornado Realty Trust by 13,866.7% during the second quarter. Sun Life Financial INC now owns 1,257 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 1,248 shares during the period. Perigon Wealth Management LLC purchased a new position in Vornado Realty Trust during the first quarter worth $139,000. Exane Asset Management purchased a new position in Vornado Realty Trust during the second quarter worth $187,000. Finally, Global X Management Co. LLC boosted its stake in Vornado Realty Trust by 44.6% during the first quarter. Global X Management Co. LLC now owns 2,041 shares of the real estate investment trust’s stock worth $205,000 after buying an additional 630 shares during the period. Hedge funds and other institutional investors own 85.39% of the company’s stock.

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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Analyst Recommendations for Vornado Realty Trust (NYSE:VNO)

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