Vornado Realty Trust (VNO) Downgraded to Sell at Zacks Investment Research
Vornado Realty Trust (NYSE:VNO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Shares of Vornado underperformed the Zacks categorized REIT and Equity Trust – Other industry over the past three months. Also, the second quarter 2017 funds from operations (FFO) per share estimates declined in the last 30 days. In May, Vornado came out with lower-than-expected first-quarter 2017 FFO per share, reflecting a fall in occupancy in the Washington DC portfolio. As part of its portfolio-repositioning efforts, the company is aggressively disposing its assets, which has earnings dilutive effects. Further, stiff competition and hike in interest rates remain its concerns. Nevertheless, Vornado has Class A office assets located in high-rent, high barrier-to-entry markets and a diverse tenant base. Also, strategic acquisitions and divestitures including spin-offs and a decent New York business have the capability to drive long-term growth.”
VNO has been the topic of a number of other reports. Evercore ISI reaffirmed an “in-line” rating and issued a $107.00 target price (down from $111.00) on shares of Vornado Realty Trust in a research report on Thursday, May 4th. BidaskClub raised shares of Vornado Realty Trust from a “strong sell” rating to a “sell” rating in a research report on Saturday. Deutsche Bank AG increased their target price on shares of Vornado Realty Trust from $97.00 to $105.00 and gave the company a “hold” rating in a research report on Monday, March 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $95.00 target price (down from $111.00) on shares of Vornado Realty Trust in a research report on Tuesday. Finally, Barclays PLC increased their target price on shares of Vornado Realty Trust from $101.00 to $104.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $107.79.
Vornado Realty Trust (NYSE VNO) traded down 0.56% during midday trading on Wednesday, hitting $94.35. 460,463 shares of the stock traded hands. Vornado Realty Trust has a one year low of $86.35 and a one year high of $111.72. The stock has a market cap of $17.86 billion, a price-to-earnings ratio of 18.22 and a beta of 0.96. The company has a 50-day moving average price of $94.10 and a 200 day moving average price of $101.67.
Vornado Realty Trust (NYSE:VNO) last posted its earnings results on Monday, May 1st. The real estate investment trust reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.64. The firm had revenue of $620.85 million for the quarter, compared to the consensus estimate of $642 million. Vornado Realty Trust had a net margin of 42.35% and a return on equity of 6.84%. The company’s revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm posted ($0.61) EPS. Equities research analysts anticipate that Vornado Realty Trust will post $1.50 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 19th. Investors of record on Monday, May 8th were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend was Thursday, May 4th. Vornado Realty Trust’s dividend payout ratio is currently 54.72%.
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Hedge funds have recently modified their holdings of the company. Harvest Fund Management Co. Ltd boosted its stake in shares of Vornado Realty Trust by 62.5% in the first quarter. Harvest Fund Management Co. Ltd now owns 1,300 shares of the real estate investment trust’s stock worth $130,000 after buying an additional 500 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Vornado Realty Trust during the first quarter worth $139,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Vornado Realty Trust by 1.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,404 shares of the real estate investment trust’s stock worth $146,000 after buying an additional 20 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Vornado Realty Trust by 98.9% in the first quarter. Advisors Asset Management Inc. now owns 1,490 shares of the real estate investment trust’s stock worth $149,000 after buying an additional 741 shares in the last quarter. Finally, Global X Management Co. LLC boosted its stake in shares of Vornado Realty Trust by 44.6% in the first quarter. Global X Management Co. LLC now owns 2,041 shares of the real estate investment trust’s stock worth $205,000 after buying an additional 630 shares in the last quarter. Hedge funds and other institutional investors own 91.91% of the company’s stock.
About Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust (REIT). The Company conducts its business through Vornado Realty L.P. (the Operating Partnership). The Company operates through two segments: New York and Washington, DC. As of December 31, 2016, the Company’s New York segment consisted of 28.3 million square feet in 86 properties.
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