Vornado Realty Trust (NYSE:VNO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “Vornado has recently announced the extension of one of the two $1.25-billion revolving credit facilities. The extended credit facility will improve the company’s liquidity position. The company’s premium assets in high-rent, high barrier-to-entry markets and a diverse tenant base are likely to drive its growth. In a bid to improve its core business operations, Vornado has been aggressively disposing its non-strategic assets. In July, it completed the spin-off of its Washington, DC business. This made Vornado a New York-based office and retail REIT. The streamlining efforts are a strategic fit and are expected to propel growth over the long-term. However, the earnings dilutive impact cannot be bypassed in the near term. Further, stiff competition and hike in interest rates remain concerns. Moreover, the company’s shares have underperformed its industry in the past three months.”

Other equities analysts have also recently issued reports about the company. BidaskClub upgraded Vornado Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Citigroup Inc. reduced their target price on Vornado Realty Trust from $96.17 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, July 19th. Morgan Stanley reiterated an “equal weight” rating and set a $81.00 target price on shares of Vornado Realty Trust in a research note on Saturday, July 22nd. Evercore ISI reiterated an “outperform” rating and set a $87.00 target price (up from $86.00) on shares of Vornado Realty Trust in a research note on Wednesday, August 2nd. Finally, Argus upgraded Vornado Realty Trust from a “hold” rating to a “buy” rating and set a $83.00 target price for the company in a research note on Thursday, August 24th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $93.67.

Vornado Realty Trust (NYSE VNO) traded down 0.17% during mid-day trading on Monday, reaching $74.37. 533,875 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $76.27 and its 200-day moving average price is $76.96. The company has a market capitalization of $14.09 billion, a P/E ratio of 16.06 and a beta of 1.00. Vornado Realty Trust has a 52 week low of $72.77 and a 52 week high of $111.72.

Vornado Realty Trust (NYSE:VNO) last released its earnings results on Monday, July 31st. The real estate investment trust reported $1.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.09. The company had revenue of $626.04 million during the quarter, compared to analysts’ expectations of $633.19 million. Vornado Realty Trust had a return on equity of 4.51% and a net margin of 37.96%. The business’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $1.21 EPS. On average, equities research analysts expect that Vornado Realty Trust will post $1.25 earnings per share for the current fiscal year.

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Several hedge funds have recently bought and sold shares of the stock. Kemper Corp Master Retirement Trust raised its position in shares of Vornado Realty Trust by 0.4% during the 2nd quarter. Kemper Corp Master Retirement Trust now owns 6,700 shares of the real estate investment trust’s stock valued at $629,000 after acquiring an additional 25 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Vornado Realty Trust by 0.7% during the 2nd quarter. Victory Capital Management Inc. now owns 4,459 shares of the real estate investment trust’s stock valued at $419,000 after acquiring an additional 29 shares in the last quarter. Parametrica Management Ltd raised its position in shares of Vornado Realty Trust by 2.4% during the 2nd quarter. Parametrica Management Ltd now owns 2,281 shares of the real estate investment trust’s stock valued at $214,000 after acquiring an additional 53 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Vornado Realty Trust by 0.4% during the 2nd quarter. CIBC Asset Management Inc now owns 16,239 shares of the real estate investment trust’s stock valued at $1,525,000 after acquiring an additional 59 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of Vornado Realty Trust by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the real estate investment trust’s stock valued at $1,005,000 after acquiring an additional 100 shares in the last quarter. 85.94% of the stock is currently owned by institutional investors and hedge funds.

Vornado Realty Trust Company Profile

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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Analyst Recommendations for Vornado Realty Trust (NYSE:VNO)

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