Scotiabank Raises Vornado Realty Trust (NYSE:VNO) Price Target to $33.00

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

VNO has been the topic of a number of other research reports. Truist Financial raised their target price on shares of Vornado Realty Trust from $26.00 to $31.00 and gave the company a hold rating in a research note on Tuesday, August 27th. Piper Sandler raised shares of Vornado Realty Trust from an underweight rating to a neutral rating and raised their target price for the company from $22.00 to $30.00 in a research note on Thursday, August 8th. The Goldman Sachs Group raised their target price on shares of Vornado Realty Trust from $19.00 to $21.50 and gave the company a sell rating in a research note on Tuesday, August 27th. Evercore ISI lifted their price target on shares of Vornado Realty Trust from $38.00 to $39.00 and gave the stock an outperform rating in a research note on Wednesday, August 28th. Finally, Bank of America lifted 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 equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $30.23.

Vornado Realty Trust Stock Down 0.6 %

Shares of VNO opened at $33.44 on Wednesday. The firm has a market cap of $6.37 billion, a PE ratio of 222.95 and a beta of 1.65. The company’s fifty day moving average is $30.40 and its two-hundred day moving average is $27.40. Vornado Realty Trust has a fifty-two week low of $18.36 and a fifty-two week high of $35.26. The company has a quick ratio of 5.21, a current ratio of 5.21 and a debt-to-equity ratio of 1.78.

Vornado Realty Trust (NYSE:VNO) last announced its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.37). Vornado Realty Trust had a net margin of 4.51% and a return on equity of 3.21%. The company had revenue of $450.27 million during the quarter, compared to analyst estimates of $439.28 million. During the same quarter last year, the business earned $0.72 EPS. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. Analysts forecast that Vornado Realty Trust will post 2.16 earnings per share for the current year.

Insider Transactions at Vornado Realty Trust

In other news, Director Russell B. Wight, Jr. sold 2,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $28.19, for a total value of $56,380.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at approximately $85,528.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of VNO. Norges Bank acquired a new position in Vornado Realty Trust during the 4th quarter valued at about $489,922,000. Nomura Holdings Inc. boosted its stake in Vornado Realty Trust by 2,410.2% during the 4th quarter. Nomura Holdings Inc. now owns 973,035 shares of the real estate investment trust’s stock valued at $27,488,000 after purchasing an additional 934,271 shares in the last quarter. Bank of Montreal Can increased its position in shares of Vornado Realty Trust by 2,229.1% during the 2nd quarter. Bank of Montreal Can now owns 855,572 shares of the real estate investment trust’s stock valued at $22,502,000 after purchasing an additional 818,838 shares during the period. Natixis bought a new stake in shares of Vornado Realty Trust in the 1st quarter worth $21,564,000. Finally, Duff & Phelps Investment Management Co. lifted its holdings in shares of Vornado Realty Trust by 45.0% in the second quarter. Duff & Phelps Investment Management Co. now owns 1,973,190 shares of the real estate investment trust’s stock valued at $51,875,000 after buying an additional 612,765 shares during the period. 90.02% of the stock is owned by institutional investors and hedge funds.

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.