Vornado Realty Trust (NYSE:VNO) Given New $33.00 Price Target at Scotiabank

Vornado Realty Trust (NYSE:VNO) had its price objective raised by investment analysts at Scotiabank from $32.00 to $33.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price would suggest a potential upside of 5.13% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Truist Financial decreased their price target on shares of Vornado Realty Trust from $29.00 to $28.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. Morgan Stanley decreased their price target on shares of Vornado Realty Trust from $32.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Barclays decreased their price target on shares of Vornado Realty Trust from $33.00 to $28.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Mizuho decreased their price target on shares of Vornado Realty Trust from $40.00 to $34.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Vornado Realty Trust from $41.00 to $33.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $34.18.

Vornado Realty Trust Price Performance

Vornado Realty Trust stock traded down $0.21 during mid-day trading on Thursday, reaching $31.39. 306,631 shares of the company’s stock traded hands, compared to its average volume of 2,000,652. The company has a market cap of $5.90 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 1.53 and a beta of 1.53. The stock has a 50 day moving average of $28.09 and a two-hundred day moving average of $31.21. The company has a quick ratio of 6.14, a current ratio of 6.14 and a debt-to-equity ratio of 1.54. Vornado Realty Trust has a 12-month low of $24.57 and a 12-month high of $43.37.

Vornado Realty Trust (NYSE:VNO) last released its quarterly earnings results on Monday, May 4th. The real estate investment trust reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.07). The business had revenue of $459.11 million for the quarter, compared to analysts’ expectations of $431.72 million. Vornado Realty Trust had a net margin of 43.99% and a return on equity of 15.82%. Vornado Realty Trust’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 EPS. Equities analysts forecast that Vornado Realty Trust will post 2.33 earnings per share for the current year.

Vornado Realty Trust announced that its Board of Directors has authorized a stock buyback plan on Wednesday, April 29th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Vornado Realty Trust

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Vornado Realty Trust during the 4th quarter worth about $579,709,000. Resolution Capital Ltd grew its holdings in Vornado Realty Trust by 34.1% during the 1st quarter. Resolution Capital Ltd now owns 7,459,981 shares of the real estate investment trust’s stock worth $193,885,000 after acquiring an additional 1,895,846 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Vornado Realty Trust by 21.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,053,407 shares of the real estate investment trust’s stock worth $301,300,000 after acquiring an additional 1,598,643 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Vornado Realty Trust by 393,598.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,051,175 shares of the real estate investment trust’s stock worth $34,983,000 after acquiring an additional 1,050,908 shares in the last quarter. Finally, GRS Advisors LLC bought a new position in Vornado Realty Trust during the 3rd quarter worth about $32,082,000. Hedge funds and other institutional investors own 90.02% of the company’s stock.

About Vornado Realty Trust

Vornado Realty Trust is a self?administered real estate investment trust focused on the ownership, management and redevelopment of office and retail properties. As a fully integrated REIT, the company oversees leasing, property management, building operations and strategic capital improvements designed to enhance asset value and tenant experience. Vornado’s business model emphasizes long?term cash flow generation through stable rental income and disciplined portfolio optimization.

The company’s core portfolio is concentrated in New York City, where it holds a diverse mix of office towers and street?level retail assets in prominent submarkets such as Midtown and the Penn Plaza corridor.