Vornado Realty Trust Given “Neutral” Rating at Zacks (VNO)
Vornado Realty Trust (NYSE:VNO)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Wednesday, Analyst Ratings.Net reports. They currently have a $96.00 price target on the stock. Zacks‘ price target points to a potential upside of 4.63% from the stock’s previous close.
Zacks‘ analyst wrote, “Vornado is scheduled to reports its fourth quarter 2013 earnings release after the market close on Feb 24. The company’s third-quarter 2013 adjusted FFO per share exceeded the Zacks Consensus Estimate and compared favorably with the year-ago figure. Results were driven by a rise in operating income. It continues to strategically revamp its portfolio mix to position it well for growth going forward. The New York portfolio is expected to grow with office leasing activity progressing well and retail sales and rental rates improving. However, the Washington DC portfolio is anticipated to remain stressed with lower pace of leasing activity. Moreover, the company continues to face stiff competition from other commercial property developers. As such we reaffirmed our Neutral stance.”
Vornado Realty Trust (NYSE:VNO) traded down 0.27% during mid-day trading on Wednesday, hitting $91.50. 421,643 shares of the company’s stock traded hands. Vornado Realty Trust has a 52-week low of $76.19 and a 52-week high of $93.85. The stock has a 50-day moving average of $90.45 and a 200-day moving average of $87.36. The company has a market cap of $17.115 billion and a price-to-earnings ratio of 32.86.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, February 18th. Shareholders of record on Monday, January 27th will be given a dividend of 0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Thursday, January 23rd.
A number of other firms have also recently commented on VNO. Analysts at TheStreet upgraded shares of Vornado Realty Trust from a “hold” rating to a “buy” rating in a research note to investors on Wednesday, January 29th. Separately, analysts at ISI Group downgraded shares of Vornado Realty Trust to a “neutral” rating in a research note to investors on Monday, January 27th. They now have a $82.00 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Vornado Realty Trust from $93.00 to $100.00 in a research note to investors on Thursday, January 2nd. They now have a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Vornado Realty Trust presently has a consensus rating of “Buy” and a consensus target price of $95.13.
Vornado Realty Trust (NYSE:VNO) is an integrated real estate investment trust (REIT).
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.