Vornado Realty Trust (NYSE:VNO) Price Target Raised to $38.00

Key Points

• Scotiabank raised Vornado Realty Trust’s price target from $33 to $38 while keeping a “sector perform” rating, implying only modest upside from the current share price.
• The stock rose 3.7% to $37.80 during Thursday trading, and several other Wall Street firms have recently adjusted their targets, with the overall consensus rating remaining Hold.
• Vornado recently reported a quarterly EPS miss but higher-than-expected revenue, and its board also authorized a $300 million share repurchase program, which may signal management views the stock as undervalued.

Vornado Realty Trust (NYSE:VNO - Get Free Report) had its price objective lifted by stock analysts at Scotiabank from $33.00 to $38.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's price target indicates a potential upside of 0.53% from the company's current price.

VNO has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on shares of Vornado Realty Trust from $33.00 to $37.00 and gave the stock a "neutral" rating in a report on Thursday, May 28th. Piper Sandler dropped their price objective 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. Barclays dropped 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 report on Thursday, February 26th. Morgan Stanley dropped their price objective 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. Finally, Mizuho dropped their price objective 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. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $35.42.

Vornado Realty Trust Stock Up 3.7%

Shares of NYSE:VNO traded up $1.34 during midday trading on Thursday, reaching $37.80. 403,981 shares of the company were exchanged, compared to its average volume of 1,965,982. 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 quick ratio of 6.14, a current ratio of 6.14 and a debt-to-equity ratio of 1.54. The stock has a fifty day simple moving average of $31.85 and a two-hundred day simple moving average of $31.17. The firm has a market cap of $7.11 billion, a PE ratio of 10.37, a P/E/G ratio of 1.91 and a beta of 1.56.

Vornado Realty Trust (NYSE:VNO - Get Free Report) last issued 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). Vornado Realty Trust had a return on equity of 15.82% and a net margin of 43.99%.The company had revenue of $459.11 million for the quarter, compared to analyst estimates of $431.72 million. During the same quarter in the previous year, the business earned $0.63 earnings per share. The company's revenue was down .5% on a year-over-year basis. As a group, sell-side analysts forecast that Vornado Realty Trust will post 2.34 earnings per share for the current year.

Vornado Realty Trust declared that its board has authorized a share repurchase plan on Wednesday, April 29th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other Vornado Realty Trust news, Director Russell B. Wight, Jr. bought 4,000 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was acquired at an average price of $16.94 per share, with a total value of $67,760.00. Following the completion of the transaction, the director owned 13,000 shares in the company, valued at approximately $220,220. This trade represents a 44.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Vornado Realty Trust in the 4th quarter valued at about $579,709,000. Resolution Capital Ltd grew its position in shares of Vornado Realty Trust by 34.1% in the 1st 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 during the period. Price T Rowe Associates Inc. MD grew its position in shares of Vornado Realty Trust by 21.4% in the 4th 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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 acquiring an additional 1,050,908 shares during the period. Finally, GRS Advisors LLC bought a new position in shares of Vornado Realty Trust in the 3rd quarter valued at about $32,082,000. 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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