Vornado Realty Trust (NYSE:VNO) Raised to Neutral at Citigroup

Key Points

• Vornado Realty Trust was upgraded by Citigroup from a "sell" to a "neutral" rating, with a new price target of $42.00.
• Analysts' consensus rating for Vornado is currently "Hold" with an average price target of $38.27.
• The company’s recent quarterly earnings showed a net margin of 48.49% but revenue was down 2.0% year-over-year.

Vornado Realty Trust (NYSE:VNO - Get Free Report) was upgraded by equities researchers at Citigroup from a "sell" rating to a "neutral" rating in a research note issued to investors on Friday, Marketbeat reports. The firm currently has a $42.00 price objective on the real estate investment trust's stock, up from their prior price objective of $34.00. Citigroup's target price suggests a potential downside of 0.10% from the company's current price.

Several other equities analysts have also recently issued reports on the stock. Mizuho reduced their price target on shares of Vornado Realty Trust from $48.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 14th. Truist Financial upped their price objective on shares of Vornado Realty Trust from $37.00 to $38.00 and gave the stock a "hold" rating in a report on Tuesday, June 3rd. Evercore ISI cut their price objective on shares of Vornado Realty Trust from $45.00 to $44.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Scotiabank cut their price objective on shares of Vornado Realty Trust from $45.00 to $40.00 and set a "sector perform" rating on the stock in a report on Thursday, August 28th. Finally, Wall Street Zen upgraded shares of Vornado Realty Trust from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Vornado Realty Trust currently has a consensus rating of "Hold" and a consensus price target of $38.27.

Vornado Realty Trust Price Performance

Shares of NYSE VNO opened at $42.04 on Friday. Vornado Realty Trust has a 1 year low of $29.68 and a 1 year high of $46.63. The company has a debt-to-equity ratio of 1.40, a current ratio of 6.82 and a quick ratio of 6.82. The company's 50-day moving average is $38.36 and its 200 day moving average is $37.90. The stock has a market capitalization of $8.07 billion, a P/E ratio of 10.41, a P/E/G ratio of 5.15 and a beta of 1.58.

Vornado Realty Trust (NYSE:VNO - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.03. Vornado Realty Trust had a net margin of 48.49% and a return on equity of 19.64%. The company had revenue of $441.44 million for the quarter, compared to analysts' expectations of $468.79 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. Vornado Realty Trust's quarterly revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts expect that Vornado Realty Trust will post 2.31 earnings per share for the current year.

Insider Activity at Vornado Realty Trust

In related news, EVP Haim Chera sold 30,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $39.64, for a total transaction of $1,189,200.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 8.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VNO. Captrust Financial Advisors lifted its position in Vornado Realty Trust by 12.5% during the fourth quarter. Captrust Financial Advisors now owns 24,602 shares of the real estate investment trust's stock valued at $1,034,000 after purchasing an additional 2,729 shares during the period. Cetera Investment Advisers lifted its position in Vornado Realty Trust by 3.5% during the fourth quarter. Cetera Investment Advisers now owns 15,329 shares of the real estate investment trust's stock valued at $644,000 after purchasing an additional 520 shares during the period. Jefferies Financial Group Inc. bought a new position in Vornado Realty Trust during the fourth quarter valued at approximately $514,000. Millennium Management LLC lifted its position in Vornado Realty Trust by 50.3% during the fourth quarter. Millennium Management LLC now owns 716,153 shares of the real estate investment trust's stock valued at $30,107,000 after purchasing an additional 239,751 shares during the period. Finally, Nomura Holdings Inc. bought a new position in Vornado Realty Trust during the fourth quarter valued at approximately $1,682,000. Institutional investors own 90.02% of the company's stock.

About Vornado Realty Trust

Vornado Realty Trust is a fully - integrated equity real estate investment trust.

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