Truist Financial Issues Positive Forecast for Vornado Realty Trust (NYSE:VNO) Stock Price

Key Points

• Truist Financial raised its price target on Vornado Realty Trust from $28 to $39, while keeping a hold rating on the stock. The new target implies only a modest upside from the prior close.
• Analyst sentiment is mixed: Vornado now has a consensus rating of Hold with an average price target of $36.33, though some firms have recently lifted targets and one has issued a buy rating.
• The stock rose 1.6% to $38.68 and is trading near its 52-week high, despite the company’s recent earnings miss; Vornado also authorized a $300 million share buyback, signaling management may see the stock as undervalued.

Vornado Realty Trust (NYSE:VNO - Get Free Report) had its target price raised by stock analysts at Truist Financial from $28.00 to $39.00 in a research report issued to clients and investors on Friday,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 0.83% from the stock's previous close.

A number of other brokerages have also recently issued reports on VNO. Weiss Ratings upgraded Vornado Realty Trust from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 9th. JPMorgan Chase & Co. increased their price target on shares of Vornado Realty Trust from $33.00 to $37.00 and gave the company a "neutral" rating in a research report on Thursday, May 28th. Barclays reduced their price objective on shares of 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. Morgan Stanley lowered their target price on shares of Vornado Realty Trust from $32.00 to $28.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. Finally, LADENBURG THALM/SH SH increased their target price on shares of Vornado Realty Trust from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, June 10th. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $36.33.

Vornado Realty Trust Trading Up 1.6%

Shares of Vornado Realty Trust stock traded up $0.60 on Friday, hitting $38.68. 179,486 shares of the company's stock traded hands, compared to its average volume of 1,951,255. The firm's 50-day moving average price is $33.13 and its two-hundred day moving average price is $31.24. The company has a debt-to-equity ratio of 1.54, a current ratio of 6.14 and a quick ratio of 6.14. The stock has a market capitalization of $7.28 billion, a PE ratio of 10.63, a price-to-earnings-growth ratio of 1.91 and a beta of 1.56. Vornado Realty Trust has a one year low of $24.57 and a one year high of $43.37.

Vornado Realty Trust (NYSE:VNO - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The real estate investment trust reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). The company had revenue of $459.11 million for the quarter, compared to analyst estimates of $431.71 million. Vornado Realty Trust had a return on equity of 15.82% and a net margin of 43.99%.The firm's revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm earned $0.63 earnings per share. On average, research analysts expect that Vornado Realty Trust will post 2.34 EPS for the current fiscal year.

Vornado Realty Trust announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Michael D. Fascitelli sold 133,350 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $36.62, for a total transaction of $4,883,277.00. Following the completion of the sale, the director owned 475,161 shares of the company's stock, valued at $17,400,395.82. This represents a 21.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Russell B. Wight, Jr. acquired 4,000 shares of the stock in a transaction dated Monday, June 8th. The shares were bought at an average cost of $16.94 per share, with a total value of $67,760.00. Following the transaction, the director directly owned 13,000 shares of the company's stock, valued at $220,220. This represents a 44.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 9.00% of the company's stock.

Hedge Funds Weigh In On Vornado Realty Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VNO. Lighthouse Investment Partners LLC lifted its stake in Vornado Realty Trust by 20.9% in the 3rd quarter. Lighthouse Investment Partners LLC now owns 260,000 shares of the real estate investment trust's stock valued at $10,538,000 after acquiring an additional 45,000 shares in the last quarter. Vestcor Inc bought a new position in shares of Vornado Realty Trust during the 3rd quarter worth approximately $4,572,000. Private Management Group Inc. grew its stake in shares of Vornado Realty Trust by 19.5% during the 3rd quarter. Private Management Group Inc. now owns 772,352 shares of the real estate investment trust's stock worth $31,303,000 after acquiring an additional 126,242 shares in the last quarter. Pacific Heights Asset Management LLC raised its holdings in shares of Vornado Realty Trust by 75.0% in the fourth quarter. Pacific Heights Asset Management LLC now owns 350,000 shares of the real estate investment trust's stock valued at $11,648,000 after purchasing an additional 150,000 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Vornado Realty Trust by 9.1% in the fourth 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 purchasing an additional 149,598 shares during the last quarter. 90.02% of the stock is owned by institutional investors and hedge funds.

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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