Citigroup Increases Vornado Realty Trust (NYSE:VNO) Price Target to $40.00

Vornado Realty Trust (NYSE:VNO) had its price target lifted by analysts at Citigroup from $34.00 to $40.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price target indicates a potential upside of 3.49% from the company’s previous close.

Several other brokerages also recently commented on VNO. Truist Financial lifted their target price on Vornado Realty Trust from $28.00 to $39.00 and gave the stock a “hold” rating in a research note on Friday, June 26th. Morgan Stanley downgraded shares of Vornado Realty Trust from an “equal weight” rating to an “underweight” rating and set a $32.00 target price for the company. in a report on Wednesday, July 22nd. Piper Sandler increased their target price on Vornado Realty Trust from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. upped their price objective on Vornado Realty Trust from $33.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, May 28th. Finally, Weiss Ratings downgraded Vornado Realty Trust from a “hold (c)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $39.83.

Vornado Realty Trust Stock Down 2.1%

Shares of NYSE VNO traded down $0.85 during midday trading on Monday, reaching $38.65. The company’s stock had a trading volume of 150,282 shares, compared to its average volume of 1,914,988. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 1.56. Vornado Realty Trust has a fifty-two week low of $24.57 and a fifty-two week high of $43.37. The stock has a 50 day simple moving average of $38.59 and a 200-day simple moving average of $32.48. The stock has a market capitalization of $7.22 billion, a price-to-earnings ratio of 1,925.71, a PEG ratio of 1.99 and a beta of 1.53.

Vornado Realty Trust (NYSE:VNO) last posted its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.49). Vornado Realty Trust had a net margin of 3.71% and a return on equity of 1.37%. The company had revenue of $462.24 million during the quarter, compared to the consensus estimate of $454.46 million. During the same quarter in the prior year, the business earned $0.56 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities research analysts predict that Vornado Realty Trust will post 2.34 earnings per share for the current year.

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

Insider Transactions at Vornado Realty Trust

In other Vornado Realty Trust news, Director Russell B. Wight, Jr. purchased 4,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was purchased at an average price of $16.94 per share, with a total value of $67,760.00. Following the completion of the purchase, the director owned 13,000 shares of the company’s stock, valued at approximately $220,220. The trade was a 44.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael D. Fascitelli sold 133,350 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $36.62, for a total value of $4,883,277.00. Following the completion of the sale, the director owned 475,161 shares in the company, valued at $17,400,395.82. This trade represents a 21.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 9.00% of the stock is owned by corporate insiders.

Institutional Trading of Vornado Realty Trust

Several institutional investors and hedge funds have recently modified their holdings of the stock. Danske Bank A S bought a new stake in shares of Vornado Realty Trust during the 3rd quarter worth $28,000. Advisory Services Network LLC bought a new position in Vornado Realty Trust during the third quarter worth about $33,000. Farmers & Merchants Investments Inc. increased its stake in shares of Vornado Realty Trust by 512.9% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 858 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 718 shares in the last quarter. Employees Retirement System of Texas bought a new stake in shares of Vornado Realty Trust in the fourth quarter valued at approximately $36,000. Finally, BOKF NA lifted its stake in shares of Vornado Realty Trust by 1,257.1% during the 3rd quarter. BOKF NA now owns 1,140 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 1,056 shares in the last quarter. 90.02% of the stock is owned by hedge funds and other institutional investors.

Vornado Realty Trust Company Profile

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.