Zacks Investment Research Upgrades Vornado Realty Trust (VNO) to Buy

Vornado Realty Trust (NYSE:VNO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $88.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.49% from the stock’s current price.

According to Zacks, “Shares of Vornado have outperformed its industry in the past three months. The company’s premium assets in high-rent, high barrier-to-entry markets and a diverse tenant base are likely to drive its growth. In a bid to improve its core business operations, the company has been aggressively disposing its non-strategic assets. In July, it completed the spin-off of its Washington, DC business. This made Vornado a New York-based office and retail REIT. The streamlining efforts are a strategic fit and are expected to propel growth over the long-term. However, the earnings dilutive impact cannot be bypassed in the near term. Further, stiff competition and hike in interest rates remain concerns.”

VNO has been the subject of a number of other reports. Morgan Stanley upgraded Vornado Realty Trust from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $81.00 to $84.00 in a research note on Tuesday, October 10th. BidaskClub upgraded Vornado Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. TheStreet downgraded Vornado Realty Trust from a “b-” rating to a “c+” rating in a research note on Tuesday, June 20th. Barclays PLC decreased their price target on Vornado Realty Trust from $104.00 to $103.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 18th. Finally, Evercore ISI upgraded Vornado Realty Trust from an “in-line” rating to an “outperform” rating and set a $106.00 price target for the company in a research note on Monday, July 10th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $95.58.

Vornado Realty Trust (VNO) traded down 0.82% during trading on Tuesday, reaching $78.28. The company’s stock had a trading volume of 289,799 shares. The stock’s 50 day moving average is $75.98 and its 200-day moving average is $77.06. The firm has a market cap of $14.83 billion, a P/E ratio of 16.91 and a beta of 1.00. Vornado Realty Trust has a 52 week low of $69.81 and a 52 week high of $90.32.

Vornado Realty Trust (NYSE:VNO) last announced its earnings results on Monday, July 31st. The real estate investment trust reported $1.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.09. Vornado Realty Trust had a return on equity of 4.51% and a net margin of 37.96%. The business had revenue of $626.04 million for the quarter, compared to analyst estimates of $633.19 million. During the same quarter last year, the firm earned $1.21 EPS. Vornado Realty Trust’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Vornado Realty Trust will post $1.25 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Upgrades Vornado Realty Trust (VNO) to Buy” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this story on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this story can be read at https://ledgergazette.com/2017/10/17/zacks-investment-research-upgrades-vornado-realty-trust-vno-to-buy.html.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of Vornado Realty Trust by 62.1% during the 2nd quarter. Bessemer Group Inc. now owns 1,094 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 419 shares during the period. Sun Life Financial INC boosted its stake in Vornado Realty Trust by 13,866.7% in the 2nd quarter. Sun Life Financial INC now owns 1,257 shares of the real estate investment trust’s stock valued at $118,000 after purchasing an additional 1,248 shares during the period. Perigon Wealth Management LLC bought a new stake in Vornado Realty Trust in the 1st quarter valued at $139,000. Exane Asset Management bought a new stake in Vornado Realty Trust in the 2nd quarter valued at $187,000. Finally, Global X Management Co. LLC boosted its stake in Vornado Realty Trust by 44.6% in the 1st quarter. Global X Management Co. LLC now owns 2,041 shares of the real estate investment trust’s stock valued at $205,000 after purchasing an additional 630 shares during the period. Institutional investors own 85.94% of the company’s stock.

Vornado Realty Trust Company Profile

Vornado Realty Trust is a real estate investment trust (REIT). The Company conducts its business

According to Zacks, “Shares of Vornado have outperformed its industry in the past three months. The company’s premium assets in high-rent, high barrier-to-entry markets and a diverse tenant base are likely to drive its growth. In a bid to improve its core business operations, the company has been aggressively disposing its non-strategic assets. In July, it completed the spin-off of its Washington, DC business. This made Vornado a New York-based office and retail REIT. The streamlining efforts are a strategic fit and are expected to propel growth over the long-term. However, the earnings dilutive impact cannot be bypassed in the near term. Further, stiff competition and hike in interest rates remain concerns.”

VNO has been the subject of a number of other reports. Morgan Stanley upgraded Vornado Realty Trust from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $81.00 to $84.00 in a research note on Tuesday, October 10th. BidaskClub upgraded Vornado Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. TheStreet downgraded Vornado Realty Trust from a “b-” rating to a “c+” rating in a research note on Tuesday, June 20th. Barclays PLC decreased their price target on Vornado Realty Trust from $104.00 to $103.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 18th. Finally, Evercore ISI upgraded Vornado Realty Trust from an “in-line” rating to an “outperform” rating and set a $106.00 price target for the company in a research note on Monday, July 10th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $95.58.

Vornado Realty Trust (VNO) traded down 0.82% during trading on Tuesday, reaching $78.28. The company’s stock had a trading volume of 289,799 shares. The stock’s 50 day moving average is $75.98 and its 200-day moving average is $77.06. The firm has a market cap of $14.83 billion, a P/E ratio of 16.91 and a beta of 1.00. Vornado Realty Trust has a 52 week low of $69.81 and a 52 week high of $90.32.

Vornado Realty Trust (NYSE:VNO) last announced its earnings results on Monday, July 31st. The real estate investment trust reported $1.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.09. Vornado Realty Trust had a return on equity of 4.51% and a net margin of 37.96%. The business had revenue of $626.04 million for the quarter, compared to analyst estimates of $633.19 million. During the same quarter last year, the firm earned $1.21 EPS. Vornado Realty Trust’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Vornado Realty Trust will post $1.25 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Upgrades Vornado Realty Trust (VNO) to Buy” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this story on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this story can be read at https://ledgergazette.com/2017/10/17/zacks-investment-research-upgrades-vornado-realty-trust-vno-to-buy.html.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of Vornado Realty Trust by 62.1% during the 2nd quarter. Bessemer Group Inc. now owns 1,094 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 419 shares during the period. Sun Life Financial INC boosted its stake in Vornado Realty Trust by 13,866.7% in the 2nd quarter. Sun Life Financial INC now owns 1,257 shares of the real estate investment trust’s stock valued at $118,000 after purchasing an additional 1,248 shares during the period. Perigon Wealth Management LLC bought a new stake in Vornado Realty Trust in the 1st quarter valued at $139,000. Exane Asset Management bought a new stake in Vornado Realty Trust in the 2nd quarter valued at $187,000. Finally, Global X Management Co. LLC boosted its stake in Vornado Realty Trust by 44.6% in the 1st quarter. Global X Management Co. LLC now owns 2,041 shares of the real estate investment trust’s stock valued at $205,000 after purchasing an additional 630 shares during the period. Institutional investors own 85.94% of the company’s stock.

Vornado Realty Trust Company Profile

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.

Analyst Recommendations for Vornado Realty Trust (NYSE:VNO)

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