Vornado Realty Trust (NYSE:VNO)’s share price reached a new 52-week low on Tuesday after BidaskClub downgraded the stock from a hold rating to a sell rating. The company traded as low as $78.57 and last traded at $78.56, with a volume of 1,101,315 shares changing hands. The stock had previously closed at $78.42.
VNO has been the topic of a number of other reports. Evercore ISI reiterated an “in-line” rating and issued a $107.00 price objective (down from $111.00) on shares of Vornado Realty Trust in a research report on Thursday, May 4th. Bank of America Corporation reiterated a “buy” rating and issued a $113.00 price objective (up from $112.00) on shares of Vornado Realty Trust in a research report on Thursday, June 22nd. Zacks Investment Research lowered shares of Vornado Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Morgan Stanley reiterated an “equal weight” rating and issued a $81.00 price objective on shares of Vornado Realty Trust in a research report on Saturday, July 22nd. Finally, Citigroup Inc. reduced their target price on Vornado Realty Trust from $96.17 to $92.00 and set a “buy” rating for the company in a report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $100.63.
Large investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its position in Vornado Realty Trust by 62.1% in the second quarter. Bessemer Group Inc. now owns 1,094 shares of the real estate investment trust’s stock valued at $102,000 after buying an additional 419 shares during the period. Harvest Fund Management Co. Ltd increased its position in Vornado Realty Trust by 62.5% in the first quarter. Harvest Fund Management Co. Ltd now owns 1,300 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 500 shares during the period. Perigon Wealth Management LLC purchased a new position in Vornado Realty Trust during the first quarter valued at about $139,000. Advisors Asset Management Inc. increased its position in Vornado Realty Trust by 98.9% in the first quarter. Advisors Asset Management Inc. now owns 1,490 shares of the real estate investment trust’s stock valued at $149,000 after buying an additional 741 shares during the period. Finally, Exane Asset Management purchased a new position in Vornado Realty Trust during the second quarter valued at about $187,000. 87.57% of the stock is owned by institutional investors.
The stock has a 50-day moving average of $76.83 and a 200-day moving average of $80.76. The stock has a market capitalization of $14.95 billion, a price-to-earnings ratio of 15.25 and a beta of 0.96.
Vornado Realty Trust (NYSE:VNO) last announced its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.64. The business had revenue of $620.85 million during the quarter, compared to analyst estimates of $642 million. Vornado Realty Trust had a return on equity of 6.84% and a net margin of 42.35%. The company’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.61) earnings per share. On average, analysts forecast that Vornado Realty Trust will post $1.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Monday, August 7th will be issued a $0.60 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $2.40 annualized dividend and a dividend yield of 3.04%. Vornado Realty Trust’s dividend payout ratio (DPR) is 54.72%.
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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.
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