Vornado Realty Trust (VNO) Downgraded by Zacks Investment Research to “Sell”

Vornado Realty Trust (NYSE:VNO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Shares of Vornado have underperformed the industry it belongs to, in the past six months. Further, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward in a months’ time. Recently, the company disclosed that its fourth quarter results will reflect a negative impact of 18 cents due to certain tax expenses, repayment expenses and other losses. As part of its portfolio repositioning efforts, the company has been aggressively disposing its assets. However, dilutive impact on earnings from divestitures of assets cannot be bypassed in the near term. Also, intense competition and hike in interest rates remain concerns. Nevertheless, Vornado has a portfolio of premium assets in high-rent, high barrier-to-entry markets as well as a diverse tenant base.”

A number of other equities analysts also recently weighed in on VNO. Morgan Stanley raised shares of Vornado Realty Trust from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $81.00 to $84.00 in a research note on Tuesday, October 10th. Barclays reiterated a “hold” rating and set a $80.00 price target on shares of Vornado Realty Trust in a research report on Thursday, October 19th. JPMorgan Chase & Co. cut shares of Vornado Realty Trust from an “overweight” rating to a “neutral” rating and set a $92.00 price target for the company. in a research report on Friday, December 15th. TheStreet upgraded shares of Vornado Realty Trust from a “c+” rating to a “b-” rating in a research report on Monday, December 18th. Finally, SunTrust Banks upgraded shares of Vornado Realty Trust from a “hold” rating to a “buy” rating in a research report 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 given a buy rating to the company. Vornado Realty Trust presently has an average rating of “Hold” and a consensus price target of $89.45.

Shares of Vornado Realty Trust (NYSE VNO) traded up $0.19 during midday trading on Wednesday, hitting $67.98. 694,184 shares of the company’s stock were exchanged, compared to its average volume of 1,192,610. Vornado Realty Trust has a one year low of $66.01 and a one year high of $89.38. The company has a market capitalization of $12,831.95, a P/E ratio of 16.42, a PEG ratio of 4.07 and a beta of 0.86. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.26 and a current ratio of 0.26.

A number of hedge funds and other institutional investors have recently modified their holdings of VNO. BlackRock Inc. increased its holdings in shares of Vornado Realty Trust by 2,605.3% in the first quarter. BlackRock Inc. now owns 15,932,961 shares of the real estate investment trust’s stock valued at $1,598,235,000 after purchasing an additional 15,344,015 shares during the last quarter. Norges Bank acquired a new position in shares of Vornado Realty Trust in the fourth quarter valued at about $447,470,000. Agran Libbie grew its stake in shares of Vornado Realty Trust by 9,134.3% in the fourth quarter. Agran Libbie now owns 2,912,487 shares of the real estate investment trust’s stock valued at $2,911,000 after acquiring an additional 2,880,947 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Vornado Realty Trust by 767.3% in the second quarter. Franklin Resources Inc. now owns 2,126,678 shares of the real estate investment trust’s stock valued at $199,694,000 after acquiring an additional 1,881,473 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Vornado Realty Trust in the fourth quarter valued at about $144,917,000. Hedge funds and other institutional investors own 85.74% 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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