Pacific Heights Asset Management LLC Purchases 150,000 Shares of Vornado Realty Trust $VNO

Key Points

• Pacific Heights Asset Management boosted its Vornado Realty Trust stake by 75% in the fourth quarter, buying 150,000 additional shares and bringing its total holding to 350,000 shares worth about $11.65 million.
• Institutional ownership remains very high, with several large funds such as Franklin Resources, State Street, and Principal Financial Group also increasing their positions in VNO.
• Vornado reported a wider-than-expected quarterly loss of ($0.12) per share, though revenue of $459.11 million topped estimates; the company also authorized a $300 million share buyback program.

Pacific Heights Asset Management LLC lifted its position in Vornado Realty Trust (NYSE:VNO - Free Report) by 75.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 350,000 shares of the real estate investment trust's stock after buying an additional 150,000 shares during the quarter. Pacific Heights Asset Management LLC owned about 0.18% of Vornado Realty Trust worth $11,648,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Franklin Resources Inc. grew its stake in shares of Vornado Realty Trust by 2.3% in the third quarter. Franklin Resources Inc. now owns 12,309,059 shares of the real estate investment trust's stock valued at $498,886,000 after buying an additional 274,313 shares in the last quarter. State Street Corp grew its stake in shares of Vornado Realty Trust by 0.5% in the second quarter. State Street Corp now owns 8,833,034 shares of the real estate investment trust's stock valued at $337,775,000 after buying an additional 39,767 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Vornado Realty Trust by 4.2% in the fourth quarter. Principal Financial Group Inc. now owns 6,044,708 shares of the real estate investment trust's stock valued at $201,168,000 after buying an additional 243,905 shares in the last quarter. Centersquare Investment Management LLC grew its stake in shares of Vornado Realty Trust by 1.4% in the third quarter. Centersquare Investment Management LLC now owns 3,172,261 shares of the real estate investment trust's stock valued at $128,572,000 after buying an additional 42,323 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Vornado Realty Trust by 9.4% in the second quarter. Bank of America Corp DE now owns 1,730,149 shares of the real estate investment trust's stock valued at $66,161,000 after buying an additional 148,253 shares in the last quarter. 90.02% of the stock is owned by institutional investors.

Vornado Realty Trust Stock Down 0.2%

VNO opened at $30.53 on Monday. Vornado Realty Trust has a fifty-two week low of $24.57 and a fifty-two week high of $43.37. The company has a debt-to-equity ratio of 1.54, a quick ratio of 6.14 and a current ratio of 6.14. The company has a market capitalization of $5.74 billion, a P/E ratio of 8.39, a P/E/G ratio of 1.55 and a beta of 1.53. The stock has a fifty day moving average of $27.86 and a 200-day moving average of $31.36.

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

Vornado Realty Trust announced that its board has authorized a share buyback program on Wednesday, April 29th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the real estate investment trust to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have commented on VNO. Weiss Ratings cut shares of Vornado Realty Trust from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, May 6th. Scotiabank reduced their price objective on shares of Vornado Realty Trust from $36.00 to $32.00 and set a "sector perform" rating for the company in a research report on Monday, March 2nd. Barclays reduced their price objective on shares of Vornado Realty Trust from $33.00 to $28.00 and set an "underweight" rating for the company in a research report on Thursday, February 26th. Wall Street Zen cut shares of Vornado Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday, February 14th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Vornado Realty Trust from $41.00 to $33.00 and set a "neutral" rating for the company in a research report on Wednesday, March 25th. Three equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Vornado Realty Trust currently has a consensus rating of "Hold" and an average price target of $34.09.

Vornado Realty Trust Company Profile

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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