Vornado Realty Trust (NYSE:VNO) Given New $37.00 Price Target at Piper Sandler

Key Points

• Piper Sandler lowered Vornado Realty Trust’s price target from $44 to $37 while maintaining a “neutral” rating, implying approximately 9.4% upside from the stock’s $33.82 price.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $38.91; ratings include four Buys, five Holds, and four Sells.
• Vornado reported quarterly EPS of $0.08, well below the $0.57 analyst estimate, despite revenue of $462.24 million exceeding expectations. Executive Vice President Haim Chera also sold 90,000 shares at an average price of $34.01.

Vornado Realty Trust (NYSE:VNO - Get Free Report) had its price target decreased by stock analysts at Piper Sandler from $44.00 to $37.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the real estate investment trust's stock. Piper Sandler's target price points to a potential upside of 9.40% from the stock's current price.

Several other analysts have also commented on the company. Mizuho raised their price objective on Vornado Realty Trust from $34.00 to $42.00 and gave the company an "outperform" rating in a report on Tuesday, July 21st. Citigroup upped their target price on Vornado Realty Trust from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Weiss Ratings lowered Vornado Realty Trust from a "hold (c)" rating to a "sell (d+)" rating in a research report on Tuesday, August 4th. UBS Group cut shares of Vornado Realty Trust to an "underweight" rating in a research note on Wednesday, July 22nd. Finally, Morgan Stanley lowered 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 report on Wednesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Vornado Realty Trust currently has a consensus rating of "Hold" and an average price target of $38.91.

Vornado Realty Trust Price Performance

Shares of Vornado Realty Trust stock traded up $0.19 during trading hours on Monday, reaching $33.82. The stock had a trading volume of 185,009 shares, compared to its average volume of 1,768,950. The stock's 50 day moving average is $36.51 and its 200 day moving average is $34.71. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 1.56. Vornado Realty Trust has a twelve month low of $24.57 and a twelve month high of $41.60. The firm has a market capitalization of $6.31 billion, a PE ratio of 1,691.35, a PEG ratio of 1.59 and a beta of 1.58.

Vornado Realty Trust (NYSE:VNO - Get Free Report) last posted its earnings results on Monday, August 3rd. The real estate investment trust reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.57 by ($0.49). Vornado Realty Trust had a net margin of 3.71% and a return on equity of 1.37%. The business had revenue of $462.24 million for the quarter, compared to analyst estimates of $454.46 million. During the same quarter last year, the business earned $0.56 earnings per share. Vornado Realty Trust's revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Vornado Realty Trust will post 2.45 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Haim Chera sold 90,000 shares of the company's stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $34.01, for a total transaction of $3,060,900.00. Following the completion of the sale, the executive vice president owned 110,000 shares of the company's stock, valued at $3,741,100. This represents a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.00% of the stock is owned by corporate insiders.

Institutional Trading of Vornado Realty Trust

Institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System acquired a new position in shares of Vornado Realty Trust in the first quarter worth $1,206,000. Wellington Management Group LLP increased its position in shares of Vornado Realty Trust by 440.6% during the second quarter. Wellington Management Group LLP now owns 598,395 shares of the real estate investment trust's stock worth $23,517,000 after acquiring an additional 487,710 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Vornado Realty Trust in the second quarter valued at $8,204,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Vornado Realty Trust in the second quarter valued at $10,283,000. Finally, Squarepoint Ops LLC raised its stake in shares of Vornado Realty Trust by 65.9% in the second quarter. Squarepoint Ops LLC now owns 133,928 shares of the real estate investment trust's stock valued at $5,263,000 after acquiring an additional 53,208 shares in the last quarter. Hedge funds and other institutional investors own 90.02% of the company's stock.

About Vornado Realty Trust

Vornado Realty Trust NYSE: VNO is a real estate investment trust that owns, manages and develops commercial properties, with a primary focus on office and retail assets in the New York metropolitan area. The company's portfolio includes office towers, retail properties and mixed-use developments in prominent locations throughout Manhattan.

Vornado is particularly active in the Penn District, a large-scale redevelopment area surrounding Pennsylvania Station in Midtown Manhattan. Its properties serve a range of tenants, including businesses, retailers, restaurants and other commercial occupants.

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