Vornado Realty Trust (VNO) Rating Increased to Buy at Zacks Investment Research
Vornado Realty Trust (NYSE:VNO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $88.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.29% from the company’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.”
A number of other research analysts also recently weighed in on the company. Bank of America Corporation reiterated a “buy” rating and set a $113.00 target price (up previously from $112.00) on shares of Vornado Realty Trust in a report on Thursday, June 22nd. Stifel Nicolaus downgraded Vornado Realty Trust from a “buy” rating to a “hold” rating and reduced their target price for the stock from $86.00 to $77.00 in a report on Wednesday, August 30th. BidaskClub upgraded Vornado Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Evercore ISI reiterated an “outperform” rating and set a $86.00 target price (down previously from $106.00) on shares of Vornado Realty Trust in a report on Friday, July 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $78.00 target price (down previously from $81.00) on shares of Vornado Realty Trust in a report on Friday, September 1st. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Vornado Realty Trust currently has an average rating of “Buy” and a consensus price target of $93.67.
Vornado Realty Trust (VNO) opened at 77.00 on Tuesday. The firm has a 50-day moving average price of $76.26 and a 200 day moving average price of $77.02. Vornado Realty Trust has a one year low of $69.81 and a one year high of $90.32. The company has a market cap of $14.59 billion, a price-to-earnings ratio of 16.63 and a beta of 1.00.
Vornado Realty Trust (NYSE:VNO) last posted its earnings results on Monday, July 31st. The real estate investment trust reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $626.04 million for the quarter, compared to the consensus estimate of $633.19 million. During the same quarter in the prior year, the business earned $1.21 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts expect that Vornado Realty Trust will post $1.25 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the company. Bessemer Group Inc. boosted its position in shares of Vornado Realty Trust by 62.1% in the 2nd 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 in the last quarter. Sun Life Financial INC boosted its position in shares of 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 worth $118,000 after purchasing an additional 1,248 shares in the last quarter. Perigon Wealth Management LLC bought a new stake in shares of Vornado Realty Trust in the 1st quarter worth approximately $139,000. Exane Asset Management bought a new stake in shares of Vornado Realty Trust in the 2nd quarter worth approximately $187,000. Finally, Global X Management Co. LLC boosted its position in shares of 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 worth $205,000 after purchasing an additional 630 shares in the last quarter. 85.94% of the stock is currently owned by hedge funds and other institutional investors.
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.
Receive News & Stock Ratings for Vornado Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vornado Realty Trust and related stocks with our FREE daily email newsletter.