Vornado Realty Trust (NYSE:VNO) Upgraded by BMO Capital Markets to Outperform

BMO Capital Markets upgraded shares of Vornado Realty Trust (NYSE:VNO) from a market perform rating to an outperform rating in a research note published on Thursday, Marketbeat reports. The brokerage currently has $40.00 target price on the real estate investment trust’s stock, up from their prior target price of $29.00.

A number of other research firms have also issued reports on VNO. Compass Point upped their target price on shares of Vornado Realty Trust from $27.00 to $32.00 and gave the company a neutral rating in a report on Wednesday. Barclays reduced their target price on shares of Vornado Realty Trust from $22.00 to $21.00 and set an underweight rating on the stock in a report on Friday, May 24th. Evercore ISI upped their target price on shares of Vornado Realty Trust from $24.00 to $31.00 and gave the company an underperform rating in a report on Wednesday. Piper Sandler upgraded shares of Vornado Realty Trust from an underweight rating to a neutral rating and upped their target price for the company from $22.00 to $30.00 in a report on Thursday. Finally, Scotiabank reduced their target price on shares of Vornado Realty Trust from $24.00 to $23.00 and set a sector perform rating on the stock in a report on Thursday, May 16th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $27.20.

Vornado Realty Trust Price Performance

NYSE VNO traded down $0.53 during trading hours on Thursday, reaching $30.99. The company’s stock had a trading volume of 4,268,570 shares, compared to its average volume of 2,052,238. The stock has a market cap of $5.90 billion, a PE ratio of 208.21 and a beta of 1.64. Vornado Realty Trust has a fifty-two week low of $18.36 and a fifty-two week high of $32.21. The company’s 50-day moving average is $27.00 and its two-hundred day moving average is $26.47. The company has a debt-to-equity ratio of 1.78, a quick ratio of 4.97 and a current ratio of 5.21.

Vornado Realty Trust (NYSE:VNO) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.37). The business had revenue of $450.27 million during the quarter, compared to analyst estimates of $439.28 million. Vornado Realty Trust had a net margin of 4.51% and a return on equity of 3.21%. Vornado Realty Trust’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share. Analysts forecast that Vornado Realty Trust will post 2.08 EPS for the current year.

Insider Transactions at Vornado Realty Trust

In related news, Director Russell B. Wight, Jr. sold 2,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $28.19, for a total transaction of $56,380.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at approximately $85,528.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.14% of the company’s stock.

Institutional Trading of Vornado Realty Trust

A number of institutional investors and hedge funds have recently bought and sold shares of VNO. Raymond James Financial Services Advisors Inc. increased its position in Vornado Realty Trust by 30.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 21,416 shares of the real estate investment trust’s stock worth $605,000 after purchasing an additional 4,986 shares in the last quarter. New York State Teachers Retirement System increased its position in Vornado Realty Trust by 6.1% during the 4th quarter. New York State Teachers Retirement System now owns 212,103 shares of the real estate investment trust’s stock worth $5,992,000 after purchasing an additional 12,127 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Vornado Realty Trust by 1.3% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 126,134 shares of the real estate investment trust’s stock worth $3,693,000 after purchasing an additional 1,572 shares in the last quarter. Meeder Advisory Services Inc. acquired a new stake in Vornado Realty Trust during the 4th quarter worth approximately $226,000. Finally, Allspring Global Investments Holdings LLC increased its position in Vornado Realty Trust by 12.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 242,970 shares of the real estate investment trust’s stock worth $6,864,000 after purchasing an additional 27,362 shares in the last quarter. Institutional investors and hedge funds own 90.02% of the company’s stock.

About Vornado Realty Trust

Vornado is a fully integrated real estate investment trust (REIT) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.