Vornado Realty Trust (NYSE:VNO) Price Target Raised to $37.00

Key Points

• JPMorgan raised its price target on Vornado Realty Trust from $33 to $37 while keeping a neutral rating, implying about 8.84% upside from the current price.
• Other analysts were mixed on the stock: several trimmed targets, and the broader consensus remains Hold with an average price target of $34.55.
• Vornado reported a quarterly EPS miss but revenue came in above estimates, and the company also authorized a $300 million share repurchase program, signaling management may see the stock as undervalued.

Vornado Realty Trust (NYSE:VNO - Get Free Report) had its target price increased by analysts at JPMorgan Chase & Co. from $33.00 to $37.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 8.84% from the company's current price.

A number of other analysts also recently weighed in on VNO. Morgan Stanley reduced their target price on shares of Vornado Realty Trust from $32.00 to $28.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Mizuho reduced their target price on shares of Vornado Realty Trust from $40.00 to $34.00 and set an "outperform" rating on the stock in a report on Tuesday, February 24th. Citigroup boosted their target price on shares of Vornado Realty Trust from $32.00 to $34.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Barclays reduced their target price on shares of Vornado Realty Trust from $33.00 to $28.00 and set an "underweight" rating on the stock in a report on Thursday, February 26th. Finally, Piper Sandler reduced their target price on shares of Vornado Realty Trust from $36.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. Three 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 stock. Based on data from MarketBeat.com, Vornado Realty Trust currently has a consensus rating of "Hold" and a consensus price target of $34.55.

Vornado Realty Trust Price Performance

Shares of Vornado Realty Trust stock traded up $0.68 during trading hours on Thursday, reaching $33.99. The company's stock had a trading volume of 1,956,750 shares, compared to its average volume of 1,985,119. The firm has a 50 day moving average price of $28.72 and a 200-day moving average price of $31.06. Vornado Realty Trust has a one year low of $24.57 and a one year high of $43.37. 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 cap of $6.39 billion, a P/E ratio of 9.35, a P/E/G ratio of 1.65 and a beta of 1.53.

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 business had revenue of $459.11 million during the quarter, compared to the consensus estimate of $431.72 million. During the same quarter last year, the firm earned $0.63 earnings per share. The business's quarterly revenue was down .5% on a year-over-year basis. On average, analysts predict that Vornado Realty Trust will post 2.33 EPS for the current year.

Vornado Realty Trust declared that its board has approved a share repurchase 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 purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Vornado Realty Trust

Several large investors have recently added to or reduced their stakes in the stock. Essential Partners LLC boosted its position in Vornado Realty Trust by 186.9% in the 1st quarter. Essential Partners LLC now owns 1,182 shares of the real estate investment trust's stock valued at $31,000 after buying an additional 770 shares during the period. Bank of America Corp DE increased its holdings in Vornado Realty Trust by 5.7% during the 1st quarter. Bank of America Corp DE now owns 1,266,476 shares of the real estate investment trust's stock worth $32,916,000 after purchasing an additional 68,267 shares during the period. Kentucky Retirement Systems purchased a new stake in shares of Vornado Realty Trust in the 1st quarter worth $373,000. Lodge Hill Capital LLC purchased a new stake in shares of Vornado Realty Trust in the 1st quarter worth $11,046,000. Finally, Amundi lifted its holdings in shares of Vornado Realty Trust by 8.2% in the 1st quarter. Amundi now owns 101,893 shares of the real estate investment trust's stock worth $2,648,000 after buying an additional 7,709 shares during the period. 90.02% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.