Vornado Realty Trust (NYSE:VNO) Given New $35.00 Price Target at Truist Financial

Key Points

• Truist Financial lowered Vornado Realty Trust’s price target to $35 from $39 and maintained a “hold” rating, implying only 0.27% upside from the stock’s $34.91 price. Analysts overall also have a “hold” consensus, with a $39.55 average target.
• Vornado’s latest quarterly earnings missed expectations, reporting $0.08 per share versus the $0.57 consensus estimate, although revenue rose 4.7% year over year to $462.24 million.
• Institutional investors own 90.02% of Vornado’s stock, with several large investors—including Wellington Management and Arrowstreet Capital—recently increasing their positions.

Vornado Realty Trust (NYSE:VNO - Get Free Report) had its price target reduced by investment analysts at Truist Financial from $39.00 to $35.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective points to a potential upside of 0.27% from the stock's current price.

A number of other equities analysts have also recently issued reports on VNO. UBS Group cut Vornado Realty Trust to an "underweight" rating in a report on Wednesday, July 22nd. Morgan Stanley downgraded shares of Vornado Realty Trust from an "equal weight" rating to an "underweight" rating and set a $32.00 price target for the company. in a research note on Wednesday, July 22nd. Barclays lifted their price target on shares of Vornado Realty Trust from $29.00 to $34.00 and gave the stock an "underweight" rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. raised their price objective on Vornado Realty Trust from $37.00 to $39.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 15th. Finally, Citigroup upped their target price on Vornado Realty Trust from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $39.55.

Vornado Realty Trust Trading Up 0.0%

VNO stock opened at $34.91 on Monday. Vornado Realty Trust has a 52 week low of $24.57 and a 52 week high of $42.17. The company has a debt-to-equity ratio of 1.56, a quick ratio of 5.24 and a current ratio of 5.24. The company's 50-day simple moving average is $38.19 and its 200 day simple moving average is $33.92. The company has a market capitalization of $6.52 billion, a PE ratio of 1,746.12, a price-to-earnings-growth ratio of 1.57 and a beta of 1.53.

Vornado Realty Trust (NYSE:VNO - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.49). The company had revenue of $462.24 million during the quarter, compared to analyst estimates of $454.46 million. Vornado Realty Trust had a net margin of 3.71% and a return on equity of 1.37%. Vornado Realty Trust's revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share. As a group, sell-side analysts anticipate that Vornado Realty Trust will post 2.41 earnings per share for the current year.

Institutional Investors Weigh In On Vornado Realty Trust

Several institutional investors and hedge funds have recently made changes to their positions in VNO. Louisiana State Employees Retirement System bought a new position in shares of Vornado Realty Trust during the 1st quarter worth approximately $1,206,000. Wellington Management Group LLP grew its position in shares of Vornado Realty Trust by 440.6% during the 2nd quarter. Wellington Management Group LLP now owns 598,395 shares of the real estate investment trust's stock worth $23,517,000 after buying an additional 487,710 shares during the period. Legal & General Group Plc increased its stake in shares of Vornado Realty Trust by 9.1% in the 4th quarter. Legal & General Group Plc now owns 1,789,601 shares of the real estate investment trust's stock valued at $59,558,000 after acquiring an additional 149,598 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Vornado Realty Trust by 5.7% during the 1st quarter. Bank of America Corp DE now owns 1,266,476 shares of the real estate investment trust's stock valued at $32,916,000 after acquiring an additional 68,267 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Vornado Realty Trust by 129.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,398,378 shares of the real estate investment trust's stock worth $36,344,000 after acquiring an additional 788,067 shares in the last quarter. Institutional investors own 90.02% of the company's stock.

Vornado Realty Trust Company Profile

Vornado Realty Trust is a publicly traded real estate investment trust that owns, manages and develops office, retail and mixed-use properties. The company's portfolio is concentrated in New York City, particularly in Manhattan, where it operates prominent office buildings and retail destinations in major commercial districts.

Vornado's activities include leasing office space to businesses, operating retail properties, managing building services and pursuing redevelopment opportunities.

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