Vornado Realty Trust (NYSE:VNO) Stock Price Down 3.1% Following Analyst Downgrade

Vornado Realty Trust (NYSE:VNO) traded down 3.1% during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $96.17 to $92.00. Citigroup currently has a buy rating on the stock. Vornado Realty Trust traded as low as $77.26 and last traded at $79.99, with a volume of 1,094,911 shares changing hands. The stock had previously closed at $77.59.

Several other brokerages have also commented on VNO. Barclays PLC dropped their price target on shares of Vornado Realty Trust from $104.00 to $103.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Evercore ISI upgraded shares of Vornado Realty Trust from an “in-line” rating to an “outperform” rating and set a $106.00 price target on the stock in a research note on Monday, July 10th. BidaskClub upgraded shares of Vornado Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. TheStreet lowered shares of Vornado Realty Trust from a “b-” rating to a “c+” rating in a research note on Tuesday, June 20th. Finally, Bank of America Corporation restated a “buy” rating and issued a $113.00 price target (up previously from $112.00) on shares of Vornado Realty Trust in a research note on Thursday, June 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $104.88.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parametrica Management Ltd acquired a new position in Vornado Realty Trust during the first quarter worth $223,000. Bank of Montreal Can increased its position in Vornado Realty Trust by 3.7% in the first quarter. Bank of Montreal Can now owns 76,938 shares of the real estate investment trust’s stock worth $7,718,000 after buying an additional 2,779 shares in the last quarter. National Pension Service increased its position in Vornado Realty Trust by 5.7% in the first quarter. National Pension Service now owns 153,791 shares of the real estate investment trust’s stock worth $15,436,000 after buying an additional 8,312 shares in the last quarter. Gulf International Bank UK Ltd increased its position in Vornado Realty Trust by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 52,061 shares of the real estate investment trust’s stock worth $5,222,000 after buying an additional 700 shares in the last quarter. Finally, Denali Advisors LLC acquired a new position in Vornado Realty Trust during the first quarter worth $2,187,000. Institutional investors and hedge funds own 87.55% of the company’s stock.

The firm has a market cap of $15.15 billion, a price-to-earnings ratio of 15.45 and a beta of 0.96. The firm’s 50-day moving average price is $75.88 and its 200-day moving average price is $81.07.

Vornado Realty Trust (NYSE:VNO) last announced its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.64. The business had revenue of $620.85 million for the quarter, compared to analyst estimates of $642 million. Vornado Realty Trust had a net margin of 42.35% and a return on equity of 6.84%. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.61) earnings per share. Analysts forecast that Vornado Realty Trust will post $1.49 earnings per share for the current fiscal year.

About Vornado Realty Trust

Vornado Realty Trust is a real estate investment trust (REIT). The Company conducts its business through Vornado Realty L.P. (the Operating Partnership). The Company operates through two segments: New York and Washington, DC. As of December 31, 2016, the Company’s New York segment consisted of 28.3 million square feet in 86 properties.