Vornado Realty Trust (NYSE:VNO) Announces Earnings Results, Beats Estimates By $0.01 EPS

Vornado Realty Trust (NYSE:VNO) issued its quarterly earnings data on Monday. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01, Zacks reports. Vornado Realty Trust had a net margin of 3.71% and a return on equity of 1.37%. The firm had revenue of $467.66 million during the quarter, compared to analysts’ expectations of $477.39 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 3.1% on a year-over-year basis.

Vornado Realty Trust Stock Up 1.4%

Shares of VNO traded up $0.49 on Monday, hitting $35.04. The company’s stock had a trading volume of 1,246,161 shares, compared to its average volume of 1,748,425. The firm’s fifty day moving average price is $34.95 and its 200-day moving average price is $33.39. Vornado Realty Trust has a fifty-two week low of $24.57 and a fifty-two week high of $41.60. The company has a quick ratio of 5.24, a current ratio of 5.24 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 1,752.98, a P/E/G ratio of 1.62 and a beta of 1.62.

Analyst Upgrades and Downgrades

VNO has been the topic of several analyst reports. Mizuho increased their target price on shares of Vornado Realty Trust from $34.00 to $42.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Barclays boosted their price target on shares of Vornado Realty Trust from $29.00 to $34.00 and gave the company an “underweight” rating in a report on Tuesday, July 21st. Truist Financial lowered their price objective on shares of Vornado Realty Trust from $39.00 to $35.00 and set a “hold” rating for the company in a research report on Monday, September 21st. UBS Group downgraded Vornado Realty Trust to an “underweight” rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler dropped their price objective on Vornado Realty Trust from $44.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.91.

Insider Buying and Selling

In other Vornado Realty Trust news, EVP Haim Chera sold 90,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $34.01, for a total transaction of $3,060,900.00. Following the sale, the executive vice president directly owned 110,000 shares in the company, valued at approximately $3,741,100. This trade represents a 45.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 9.00% of the company’s stock.

Vornado Realty Trust Company Profile

Vornado Realty Trust is a publicly traded real estate investment trust that owns, manages and develops commercial properties, with a primary focus on premier office and retail assets in New York City. The company’s portfolio includes office buildings, retail properties and mixed-use developments located in high-profile business and shopping districts.

Vornado is particularly active in Manhattan, where it has pursued large-scale development and redevelopment initiatives in the Penn District surrounding Pennsylvania Station.