Vornado Realty Trust (NYSE:VNO) Sets New 12-Month High – Here’s Why

Vornado Realty Trust (NYSE:VNO) hit a new 52-week high during trading on Friday . The stock traded as high as $40.29 and last traded at $40.15, with a volume of 45717 shares trading hands. The stock had previously closed at $39.42.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on VNO shares. Barclays upped their target price on shares of Vornado Realty Trust from $21.00 to $27.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 14th. Truist Financial upped their price target on Vornado Realty Trust from $26.00 to $31.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Piper Sandler raised Vornado Realty Trust from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $22.00 to $30.00 in a research note on Thursday, August 8th. BMO Capital Markets upgraded Vornado Realty Trust from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $29.00 to $40.00 in a research report on Thursday, August 8th. Finally, Evercore ISI upped their target price on Vornado Realty Trust from $38.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Four analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.43.

Vornado Realty Trust Stock Performance

The company has a quick ratio of 5.21, a current ratio of 5.21 and a debt-to-equity ratio of 1.78. The stock has a fifty day moving average price of $34.40 and a two-hundred day moving average price of $29.10. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 262.27 and a beta of 1.65.

Vornado Realty Trust (NYSE:VNO) last announced its earnings results on Monday, August 5th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.37). The firm had revenue of $450.27 million during the quarter, compared to analyst estimates of $439.28 million. Vornado Realty Trust had a net margin of 4.51% and a return on equity of 3.21%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 EPS. As a group, analysts forecast that Vornado Realty Trust will post 2.17 EPS for the current fiscal year.

Insider Activity

In related news, Director Russell B. Wight, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $28.19, for a total transaction of $56,380.00. Following the sale, the director now owns 3,034 shares in the company, valued at approximately $85,528.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On Vornado Realty Trust

Several institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in Vornado Realty Trust during the second quarter worth approximately $48,000. Fidelis Capital Partners LLC purchased a new position in shares of Vornado Realty Trust in the 1st quarter worth $55,000. EverSource Wealth Advisors LLC raised its position in shares of Vornado Realty Trust by 61.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,686 shares of the real estate investment trust’s stock worth $77,000 after buying an additional 1,018 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Vornado Realty Trust by 98.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,972 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 2,465 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Vornado Realty Trust by 17.6% during the first quarter. GAMMA Investing LLC now owns 5,000 shares of the real estate investment trust’s stock valued at $144,000 after acquiring an additional 750 shares during the period. 90.02% of the stock is currently owned by institutional investors and hedge funds.

Vornado Realty Trust Company Profile

Vornado is a fully integrated real estate investment trust (REIT) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.