Vornado Realty Trust (NYSE:VNO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
According to Zacks, “Shares of Vornado have underperformed its industry in the past year. Further, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward in a month’s time. Recently, Vornado disclosed that its fourth quarter results will reflect a negative impact of 18 cents due to certain tax expenses, repayment expenses and other losses. Notably, as part of its portfolio-repositioning efforts, the company has been aggressively disposing its assets. Last July, it completed the spin-off of its Washington, DC segment. This made Vornado a New York-based office and retail REIT. While streamlining efforts are a strategic fit for the long term, the earnings-dilutive impact cannot be bypassed in the near term. Further, intense competition continues to impact rental growth for Vornado’s office assets. Also, hike in interest rates remains a concern.”
VNO has been the subject of a number of other reports. TheStreet upgraded Vornado Realty Trust from a “c+” rating to a “b-” rating in a research note on Monday, December 18th. Morgan Stanley upgraded Vornado Realty Trust from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $81.00 to $84.00 in a research note on Tuesday, October 10th. JPMorgan Chase & Co. lowered Vornado Realty Trust from an “overweight” rating to a “neutral” rating and set a $92.00 target price for the company. in a research note on Friday, December 15th. Barclays restated a “hold” rating and issued a $80.00 target price on shares of Vornado Realty Trust in a research note on Thursday, October 19th. Finally, SunTrust Banks upgraded Vornado Realty Trust from a “hold” rating to a “buy” rating in a research note on Monday, January 22nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $89.91.
Vornado Realty Trust (NYSE:VNO) last issued its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.90. Vornado Realty Trust had a return on equity of 4.73% and a net margin of 35.23%. The company had revenue of $528.76 million during the quarter, compared to analyst estimates of $545.53 million. During the same period in the previous year, the company earned $0.35 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. equities analysts expect that Vornado Realty Trust will post 3.94 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in the business. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new stake in shares of Vornado Realty Trust during the fourth quarter worth $648,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Vornado Realty Trust by 86.4% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 7,047 shares of the real estate investment trust’s stock worth $550,000 after purchasing an additional 3,266 shares during the last quarter. Lourd Capital LLC bought a new stake in shares of Vornado Realty Trust during the fourth quarter worth $718,000. SG Americas Securities LLC grew its holdings in shares of Vornado Realty Trust by 3.4% during the fourth quarter. SG Americas Securities LLC now owns 46,467 shares of the real estate investment trust’s stock worth $3,633,000 after purchasing an additional 1,536 shares during the last quarter. Finally, Lenox Wealth Management Inc. grew its holdings in shares of Vornado Realty Trust by 18.1% during the fourth quarter. Lenox Wealth Management Inc. now owns 8,205 shares of the real estate investment trust’s stock worth $641,000 after purchasing an additional 1,260 shares during the last quarter. Hedge funds and other institutional investors own 85.97% of the company’s stock.
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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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