Vornado Realty Trust (NYSE:VNO) Given New $42.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised its price target on Vornado Realty Trust from $28 to $42 while keeping a neutral rating, implying modest upside from the prior close.
• Analyst sentiment remains mixed: the stock has an average Hold rating and an average target price of $38.67, with several firms recently adjusting their targets up or down.
• Vornado reported weaker-than-expected quarterly EPS of -$0.12 versus estimates of -$0.05, though revenue came in above expectations at $459.11 million; the company also authorized a $300 million share buyback.

Vornado Realty Trust (NYSE:VNO - Get Free Report) had its price target boosted by Piper Sandler from $28.00 to $42.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. Piper Sandler's target price indicates a potential upside of 5.79% from the company's previous close.

VNO has been the subject of several other research reports. 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 report on Tuesday, March 31st. Barclays increased their price objective on shares of Vornado Realty Trust from $29.00 to $34.00 and gave the stock an "underweight" rating in a research report on Tuesday. Scotiabank boosted their target price on Vornado Realty Trust from $33.00 to $38.00 and gave the company a "sector perform" rating in a research report on Thursday, June 18th. 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 report on Thursday, May 28th. Finally, Weiss Ratings upgraded Vornado Realty Trust from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 9th. Four equities 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's stock. According to MarketBeat, Vornado Realty Trust has an average rating of "Hold" and an average target price of $38.67.

Vornado Realty Trust Price Performance

Shares of VNO traded down $0.04 during trading hours on Tuesday, reaching $39.70. 505,098 shares of the stock traded hands, compared to its average volume of 1,911,807. The company has a market cap of $7.47 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 2.03 and a beta of 1.53. The company's 50-day moving average price is $36.40 and its two-hundred day moving average price is $31.90. Vornado Realty Trust has a 52-week low of $24.57 and a 52-week high of $43.37. 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 released its quarterly earnings results on Monday, May 4th. The real estate investment trust reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $459.11 million for the quarter, compared to analysts' expectations of $431.71 million. During the same period in the previous year, the company earned $0.63 EPS. Vornado Realty Trust's revenue for the quarter was down .5% compared to the same quarter last year. On average, analysts anticipate that Vornado Realty Trust will post 2.34 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, Director Michael D. Fascitelli sold 133,350 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $36.62, for a total transaction of $4,883,277.00. Following the transaction, the director owned 475,161 shares of the company's stock, valued at approximately $17,400,395.82. This represents a 21.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Russell B. Wight, Jr. purchased 4,000 shares of the business's stock in a transaction dated Monday, June 8th. The shares were purchased at an average price of $16.94 per share, for a total transaction of $67,760.00. Following the purchase, the director owned 13,000 shares of the company's stock, valued at approximately $220,220. This trade represents a 44.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 9.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Vornado Realty Trust

Several hedge funds have recently modified their holdings of VNO. Norges Bank acquired a new stake in Vornado Realty Trust in the fourth quarter worth about $579,709,000. Resolution Capital Ltd increased its holdings in shares of Vornado Realty Trust by 34.1% during the first quarter. Resolution Capital Ltd now owns 7,459,981 shares of the real estate investment trust's stock valued at $193,885,000 after acquiring an additional 1,895,846 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Vornado Realty Trust by 21.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,053,407 shares of the real estate investment trust's stock valued at $301,300,000 after acquiring an additional 1,598,643 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Vornado Realty Trust by 393,598.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,051,175 shares of the real estate investment trust's stock valued at $34,983,000 after purchasing an additional 1,050,908 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Vornado Realty Trust by 129.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,398,378 shares of the real estate investment trust's stock valued at $36,344,000 after purchasing an additional 788,067 shares during 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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