Vornado Realty Trust (NYSE:VNO) Sets New 52-Week Low on Analyst Downgrade

Vornado Real Estate Trust (NYSE: VNO – Get a rating) hit a new 52-week low on Tuesday after Evercore ISI lowered its price target on the stock from $34.00 to $31.00. The company traded as low as $23.04 and last traded at $23.25, with a volume of 26,750 shares traded in hands. The stock had previously closed at $23.33.

A number of other research companies have also recently commented on VNO. Deutsche Bank Aktiengesellschaft cut its price target on Vornado Realty Trust from $44.00 to $33.00 in a Wednesday, July 20 report. BMO Capital Markets downgraded Vornado Realty Trust’s rating from an “outperform” rating to a “market performance” rating and reduced its target price for the stock from $52.00 to $40.00 in a report for Tuesday 31 May. Truist Financial cut its price target on Vornado Realty Trust from $34.00 to $33.00 and set a “buy” rating on the stock in a Wednesday, September 14 report. Mizuho cut its price target on Vornado Realty Trust from $32.00 to $30.00 and gave the stock an “underperforming” rating in a Wednesday, August 24, report. To finish, StockNews.com downgraded Vornado Realty Trust from a “hold” rating to a “sell” rating in a Thursday, September 1 report. Four equity research analysts gave the stock a sell rating, three gave the company a hold rating and one gave the company a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $32.38.

Hedge funds weigh on Vornado Realty Trust

Several hedge funds have recently changed their holdings in VNO. Invesco Ltd. increased its position in Vornado Realty Trust shares by 3.6% during the fourth quarter. Invesco Ltd. now owns 2,472,681 shares of the real estate investment trust valued at $103,505,000 after purchasing an additional 87,057 shares during the period. Schroder Investment Management Group increased its holdings of Vornado Realty Trust shares by 3.4% in the fourth quarter. Schroder Investment Management Group now owns 76,882 shares of the real estate investment trust worth $3,218,000 after acquiring 2,532 additional shares in the last quarter. Gotham Asset Management LLC acquired a new stock position in Vornado Realty Trust in Q4 worth $571,000. Rockefeller Capital Management LP increased its holdings of Vornado Realty Trust shares by 177.8% in Q4. Rockefeller Capital Management LP now owns 15,285 shares of the real estate investment trust worth $639,000 after acquiring 9,783 additional shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its stake in Vornado Realty Trust shares by 3.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 33,905 shares of the real estate investment trust worth $1,419,000 after acquiring 1,085 additional shares in the last quarter. 74.67% of the shares are currently held by institutional investors and hedge funds.

Vornado Realty Trust shares fall 0.7%

The company has a current ratio of 5.13, a quick ratio of 5.13 and a debt ratio of 1.53. The company has a market capitalization of $4.44 billion, a price-earnings ratio of 35.35 and a beta of 1.29. The stock has a fifty-day moving average of $27.92 and a 200-day moving average of $33.48.

Vornado Real Estate Trust (NYSE: VNO – Get a rating) last released its results on Monday, August 1. The real estate investment trust reported earnings per share (EPS) of $0.19 for the quarter, missing analyst consensus estimates of $0.79 per ($0.60). The company posted revenue of $453.49 million in the quarter, compared to analyst estimates of $430.43 million. Vornado Realty Trust had a return on equity of 3.07% and a net margin of 11.52%. The company’s revenues increased by 19.7% compared to the same quarter last year. In the same quarter a year earlier, the company earned earnings per share of $0.69. As a group, sell-side analysts expect Vornado Realty Trust to post 3.1 EPS for the current year.

Vornado Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 19. Shareholders of record on Monday August 8 received a dividend of $0.53. The ex-dividend date was Friday August 5th. This represents an annualized dividend of $2.12 and a dividend yield of 9.15%. Vornado Realty Trust’s dividend payout ratio (DPR) is currently 321.22%.

About Vornado Realty Trust

(Get a rating)

Vornado’s portfolio is focused on the country’s key market, New York, as well as core assets in Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED-certified buildings and was awarded Energy Star Partner of the Year, Sustained Excellence 2019.

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