Zacks Investment Research upgraded shares of Vornado Realty Trust (NYSE:VNO) from a sell rating to a hold rating in a report issued on Thursday, November 9th.
According to Zacks, “Shares of Vornado have underperformed its industry, in the past three months. Nevertheless, the company reported third-quarter 2017 funds from operations (FFO) per share of 52 cents, beating the Zacks Consensus Estimate by a penny. Results reflect growth in occupancy and same-store net operating income (NOI) in the New York portfolio. As part of its portfolio-repositioning efforts, the company has been aggressively disposing its assets. In July, it completed the spin-off of its Washington, DC segment. This made Vornado a New York-based office and retail REIT. Notably, the streamlining efforts are a strategic fit for the long term. Moreover, the company is expected to benefit from the improvement in the economy and the job market. However, dilutive impact on earnings from divestitures of assets cannot be bypassed in the near term. Further, intense competition and hike in interest rates remain concerns.”
A number of other equities analysts have also recently weighed in on the company. Stifel Nicolaus cut Vornado Realty Trust from a buy rating to a hold rating and decreased their price target for the stock from $86.00 to $77.00 in a report on Wednesday, August 30th. Evercore ISI reaffirmed an outperform rating and issued a $86.00 target price (down from $106.00) on shares of Vornado Realty Trust in a research report on Friday, July 21st. Morgan Stanley raised Vornado Realty Trust from an equal weight rating to an overweight rating and upped their price target for the company from $81.00 to $84.00 in a research report on Tuesday, October 10th. Barclays lowered their price objective 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, BidaskClub cut Vornado Realty Trust from a hold rating to a sell rating in a research note on Friday, July 28th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Vornado Realty Trust has an average rating of Buy and a consensus target price of $93.67.
Vornado Realty Trust (NYSE:VNO) last posted its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.99 EPS for the quarter, beating the consensus estimate of $0.09 by $0.90. Vornado Realty Trust had a return on equity of 4.73% and a net margin of 35.23%. The company had revenue of $528.76 million during the quarter, compared to analysts’ expectations of $545.53 million. During the same quarter in the previous year, the business earned $0.35 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. equities analysts expect that Vornado Realty Trust will post 3.94 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 20th. Stockholders of record on Monday, November 6th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date was Friday, November 3rd. Vornado Realty Trust’s dividend payout ratio is 57.97%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VNO. Public Employees Retirement System of Ohio lifted its position in shares of Vornado Realty Trust by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 264,912 shares of the real estate investment trust’s stock worth $20,366,000 after acquiring an additional 1,452 shares during the period. IFM Investors Pty Ltd bought a new position in shares of Vornado Realty Trust during the 3rd quarter worth approximately $370,000. Fieldpoint Private Securities LLC bought a new position in shares of Vornado Realty Trust during the 3rd quarter worth approximately $100,000. Neuberger Berman Group LLC raised its position in Vornado Realty Trust by 13.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 537,094 shares of the real estate investment trust’s stock valued at $41,292,000 after purchasing an additional 62,429 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Vornado Realty Trust by 6.7% in the 3rd quarter. California Public Employees Retirement System now owns 425,715 shares of the real estate investment trust’s stock valued at $32,729,000 after purchasing an additional 26,802 shares during the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.
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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