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

Vornado Realty Trust (NYSE:VNO) had its target price lifted by Scotiabank from $23.00 to $33.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on VNO. The Goldman Sachs Group upped their target price on shares of Vornado Realty Trust from $19.00 to $21.50 and gave the stock a sell rating in a report on Tuesday, August 27th. Compass Point upped their target price on shares of Vornado Realty Trust from $27.00 to $32.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. 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 report on Wednesday, August 14th. Piper Sandler upgraded shares of Vornado Realty Trust from an underweight rating to a neutral rating and boosted their price target for the stock from $22.00 to $30.00 in a research note on Thursday, August 8th. Finally, Bank of America boosted their price target on shares of Vornado Realty Trust from $26.00 to $35.00 and gave the stock a neutral rating in a research note on Thursday, August 22nd. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $30.23.

Vornado Realty Trust Trading Down 0.6 %

Shares of VNO stock opened at $33.43 on Wednesday. Vornado Realty Trust has a 1 year low of $18.36 and a 1 year high of $35.26. The firm has a fifty day moving average price of $30.40 and a 200-day moving average price of $27.41. The company has a debt-to-equity ratio of 1.78, a current ratio of 5.21 and a quick ratio of 5.21. The company has a market cap of $6.37 billion, a price-to-earnings ratio of 222.87 and a beta of 1.65.

Vornado Realty Trust (NYSE:VNO) last issued 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 the consensus estimate of $439.28 million. Vornado Realty Trust had a return on equity of 3.21% and a net margin of 4.51%. The company’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 EPS. As a group, equities analysts predict that Vornado Realty Trust will post 2.16 earnings per share for the current year.

Insider Activity

In other news, Director Russell B. Wight, Jr. sold 2,000 shares of the company’s stock in a transaction dated 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 directly owns 3,034 shares in the company, valued at approximately $85,528.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On Vornado Realty Trust

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Vornado Realty Trust in the 4th quarter worth about $489,922,000. Nomura Holdings Inc. grew its stake in Vornado Realty Trust by 2,410.2% in the 4th quarter. Nomura Holdings Inc. now owns 973,035 shares of the real estate investment trust’s stock worth $27,488,000 after acquiring an additional 934,271 shares in the last quarter. Bank of Montreal Can grew its stake in Vornado Realty Trust by 2,229.1% in the 2nd quarter. Bank of Montreal Can now owns 855,572 shares of the real estate investment trust’s stock worth $22,502,000 after acquiring an additional 818,838 shares in the last quarter. Natixis bought a new position in Vornado Realty Trust in the 1st quarter worth about $21,564,000. Finally, Duff & Phelps Investment Management Co. grew its stake in Vornado Realty Trust by 45.0% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,973,190 shares of the real estate investment trust’s stock worth $51,875,000 after acquiring an additional 612,765 shares in the last quarter. 90.02% of the stock is currently owned by institutional investors.

About Vornado Realty Trust

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.