Legal & General Group Plc Buys 149,598 Shares of Vornado Realty Trust $VNO

Key Points

• Legal & General Group Plc boosted its Vornado Realty Trust stake by 9.1% in the fourth quarter, buying 149,598 additional shares. The firm now owns 1,789,601 shares worth about $59.6 million.
• Vornado reported a mixed quarterly earnings update: EPS of -$0.12 missed expectations, while revenue of $459.11 million came in above estimates. Analysts still expect the company to earn 2.33 EPS for the current fiscal year.
• The company’s board authorized a $300 million share buyback, covering up to 5.4% of outstanding shares. Management often uses buybacks to signal confidence that the stock may be undervalued.

Legal & General Group Plc increased its stake in shares of Vornado Realty Trust (NYSE:VNO - Free Report) by 9.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,789,601 shares of the real estate investment trust's stock after acquiring an additional 149,598 shares during the quarter. Legal & General Group Plc owned approximately 0.93% of Vornado Realty Trust worth $59,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Danske Bank A S bought a new position in Vornado Realty Trust during the 3rd quarter worth approximately $28,000. Farmers & Merchants Investments Inc. grew its position in Vornado Realty Trust by 512.9% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 858 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 718 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Vornado Realty Trust in the 3rd quarter worth approximately $33,000. Westside Investment Management Inc. increased its stake in shares of Vornado Realty Trust by 100.0% during the third quarter. Westside Investment Management Inc. now owns 886 shares of the real estate investment trust's stock valued at $37,000 after buying an additional 443 shares during the period. Finally, BOKF NA increased its stake in shares of Vornado Realty Trust by 1,257.1% during the third quarter. BOKF NA now owns 1,140 shares of the real estate investment trust's stock valued at $46,000 after buying an additional 1,056 shares during the period. 90.02% of the stock is currently owned by institutional investors.

Vornado Realty Trust Trading Down 0.3%

NYSE VNO opened at $33.75 on Friday. The company has a quick ratio of 6.14, a current ratio of 6.14 and a debt-to-equity ratio of 1.54. Vornado Realty Trust has a twelve month low of $24.57 and a twelve month high of $43.37. The firm has a market capitalization of $6.35 billion, a PE ratio of 9.27, a P/E/G ratio of 1.71 and a beta of 1.53. The stock's 50 day moving average is $29.02 and its 200 day moving average is $31.06.

Vornado Realty Trust (NYSE:VNO - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The real estate investment trust reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Vornado Realty Trust had a net margin of 43.99% and a return on equity of 15.82%. The firm had revenue of $459.11 million for the quarter, compared to the consensus estimate of $431.72 million. During the same quarter in the prior year, the firm earned $0.63 earnings per share. The company's revenue for the quarter was down .5% compared to the same quarter last year. Research analysts forecast that Vornado Realty Trust will post 2.33 earnings per share for the current fiscal year.

Vornado Realty Trust announced that its board has authorized a stock buyback plan on Wednesday, April 29th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wall Street Zen cut Vornado Realty Trust from a "hold" rating to a "sell" rating in a research note on Saturday, February 14th. Citigroup boosted their target price on Vornado Realty Trust from $32.00 to $34.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Scotiabank boosted their target price on Vornado Realty Trust from $32.00 to $33.00 and gave the company a "sector perform" rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. boosted their target price on Vornado Realty Trust from $33.00 to $37.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Barclays reduced their target price on Vornado Realty Trust from $33.00 to $28.00 and set an "underweight" rating on the stock in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $34.55.

About Vornado Realty Trust

Vornado Realty Trust is a self‐administered real estate investment trust focused on the ownership, management and redevelopment of office and retail properties. As a fully integrated REIT, the company oversees leasing, property management, building operations and strategic capital improvements designed to enhance asset value and tenant experience. Vornado's business model emphasizes long‐term cash flow generation through stable rental income and disciplined portfolio optimization.

The company's core portfolio is concentrated in New York City, where it holds a diverse mix of office towers and street‐level retail assets in prominent submarkets such as Midtown and the Penn Plaza corridor.

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