Vornado Realty Trust (NYSE:VNO) Given New $33.00 Price Target at Scotiabank

Key Points

• Scotiabank raised its price target on Vornado Realty Trust from $32 to $33 while keeping a sector perform rating, implying about 5% upside from the previous close.
• The latest analyst sentiment remains cautious overall: Vornado now has a consensus Hold rating, with an average target price of $34.18 after several firms recently cut their targets.
• Vornado reported a Q1 earnings miss, posting earnings of -$0.12 per share versus expectations of -$0.05, though revenue of $459.1 million topped estimates; the company also authorized a $300 million share repurchase program.

Vornado Realty Trust (NYSE:VNO - Get Free Report) had its price target raised by Scotiabank from $32.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's price objective would indicate a potential upside of 5.13% from the stock's previous close.

A number of other research firms have also weighed in on VNO. Morgan Stanley dropped their price target on shares of Vornado Realty Trust from $32.00 to $28.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. Piper Sandler dropped their price target on shares of Vornado Realty Trust from $36.00 to $28.00 and set a "neutral" rating for the company in a research report on Wednesday, April 1st. Barclays dropped their price target 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. Mizuho dropped their price target on shares of Vornado Realty Trust from $40.00 to $34.00 and set an "outperform" rating for the company in a research report on Tuesday, February 24th. Finally, Wall Street Zen lowered shares of Vornado Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday, February 14th. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Vornado Realty Trust currently has a consensus rating of "Hold" and an average target price of $34.18.

Vornado Realty Trust Stock Performance

Vornado Realty Trust stock traded down $0.21 during trading on Thursday, reaching $31.39. The company had a trading volume of 306,631 shares, compared to its average volume of 2,000,652. Vornado Realty Trust has a 52 week low of $24.57 and a 52 week high of $43.37. The firm's 50-day simple moving average is $28.09 and its 200 day simple moving average is $31.21. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 8.61, a price-to-earnings-growth ratio of 1.53 and a beta of 1.53. The company has a current ratio of 6.14, a quick ratio of 6.14 and a debt-to-equity ratio of 1.54.

Vornado Realty Trust (NYSE:VNO - Get Free Report) last posted its quarterly 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). The firm had revenue of $459.11 million during the quarter, compared to the consensus estimate of $431.72 million. Vornado Realty Trust had a return on equity of 15.82% and a net margin of 43.99%.The business's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 earnings per share. Sell-side analysts forecast that Vornado Realty Trust will post 2.33 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Vornado Realty Trust

Several hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Vornado Realty Trust in the fourth quarter worth $579,709,000. Franklin Resources Inc. lifted its holdings in shares of Vornado Realty Trust by 1.6% in the fourth quarter. Franklin Resources Inc. now owns 12,504,170 shares of the real estate investment trust's stock worth $416,139,000 after buying an additional 195,111 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Vornado Realty Trust by 21.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,053,407 shares of the real estate investment trust's stock worth $301,300,000 after buying an additional 1,598,643 shares in the last quarter. State Street Corp lifted its holdings 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 worth $337,775,000 after buying an additional 39,767 shares in the last quarter. Finally, Resolution Capital Ltd lifted its holdings in shares of Vornado Realty Trust by 34.1% in the first quarter. Resolution Capital Ltd now owns 7,459,981 shares of the real estate investment trust's stock worth $193,885,000 after buying an additional 1,895,846 shares in the last quarter. Hedge funds and other institutional investors own 90.02% of the company's stock.

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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