Vornado Realty Trust (NYSE:VNO) Reaches New 12-Month High on Analyst Upgrade

Vornado Realty Trust (NYSE:VNO)’s stock price hit a new 52-week high on Thursday after The Goldman Sachs Group raised their price target on the stock from $21.50 to $23.75. The Goldman Sachs Group currently has a sell rating on the stock. Vornado Realty Trust traded as high as $35.31 and last traded at $34.99, with a volume of 95759 shares changing hands. The stock had previously closed at $34.13.

A number of other equities analysts also recently weighed in on VNO. Piper Sandler raised shares of Vornado Realty Trust from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $22.00 to $30.00 in a research note on Thursday, August 8th. Bank of America boosted their price objective on shares of Vornado Realty Trust from $26.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Barclays increased their price objective on Vornado Realty Trust from $21.00 to $27.00 and gave the company an “underweight” rating in a research report on Wednesday, August 14th. Truist Financial lifted their target price on Vornado Realty Trust from $26.00 to $31.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Finally, BMO Capital Markets raised Vornado Realty Trust from a “market perform” rating to an “outperform” rating and upped their price target for the company from $29.00 to $40.00 in a research note on Thursday, August 8th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $30.43.

Insiders Place Their Bets

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 value of $56,380.00. Following the sale, the director now directly owns 3,034 shares in the company, valued at approximately $85,528.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On Vornado Realty Trust

Several institutional investors and hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new stake in Vornado Realty Trust in the 2nd quarter valued at $212,000. Ariadne Wealth Management LP bought a new stake in shares of Vornado Realty Trust in the second quarter valued at about $220,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Vornado Realty Trust by 98.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,972 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 2,465 shares during the period. Duff & Phelps Investment Management Co. grew its holdings in shares of Vornado Realty Trust by 45.0% during the second quarter. Duff & Phelps Investment Management Co. now owns 1,973,190 shares of the real estate investment trust’s stock worth $51,875,000 after buying an additional 612,765 shares in the last quarter. Finally, APG Asset Management US Inc. bought a new position in shares of Vornado Realty Trust during the second quarter worth about $4,462,000. 90.02% of the stock is currently owned by institutional investors and hedge funds.

Vornado Realty Trust Stock Performance

The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 242.42 and a beta of 1.65. The stock has a 50-day moving average of $31.06 and a 200-day moving average of $27.64. The company has a debt-to-equity ratio of 1.78, a quick ratio of 5.21 and a current ratio of 5.21.

Vornado Realty Trust (NYSE:VNO) last posted its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $0.18 earnings per share (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 for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the business earned $0.72 earnings per share. As a group, analysts anticipate that Vornado Realty Trust will post 2.13 EPS for the current fiscal year.

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.