Vornado Realty Trust (NYSE:VNO) Shares Up 3.1% – Here’s What Happened

Vornado Realty Trust (NYSE:VNO) shares shot up 3.1% during trading on Friday . The stock traded as high as $41.48 and last traded at $41.28. 368,364 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 1,938,345 shares. The stock had previously closed at $40.03.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Bank of America boosted their target price on shares of Vornado Realty Trust from $26.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Barclays upped their target price on shares of Vornado Realty Trust from $27.00 to $34.00 and gave the stock an “underweight” rating in a research report on Monday, October 28th. Piper Sandler reissued a “neutral” rating and set a $44.00 price target (up previously from $30.00) on shares of Vornado Realty Trust in a research note on Friday, October 18th. StockNews.com raised Vornado Realty Trust to a “sell” rating in a research note on Tuesday, November 12th. Finally, The Goldman Sachs Group lifted their price objective on Vornado Realty Trust from $21.50 to $23.75 and gave the stock a “sell” rating in a report on Thursday, September 12th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Vornado Realty Trust currently has an average rating of “Hold” and an average price target of $36.58.

Vornado Realty Trust Stock Up 4.3 %

The stock has a market cap of $7.96 billion, a price-to-earnings ratio of -144.03 and a beta of 1.63. The company has a current ratio of 4.97, a quick ratio of 4.97 and a debt-to-equity ratio of 1.93. The firm’s 50 day moving average is $42.82 and its two-hundred day moving average is $35.26.

Vornado Realty Trust (NYSE:VNO) last announced its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.61). Vornado Realty Trust had a net margin of 0.46% and a return on equity of 1.72%. The firm had revenue of $443.26 million for the quarter, compared to analysts’ expectations of $445.07 million. During the same period in the previous year, the company posted $0.66 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts predict that Vornado Realty Trust will post 2.16 EPS for the current year.

Vornado Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 16th will be given a $0.74 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 7.09%. This is an increase from Vornado Realty Trust’s previous quarterly dividend of $0.30. Vornado Realty Trust’s payout ratio is currently -255.17%.

Institutional Investors Weigh In On Vornado Realty Trust

Several hedge funds have recently modified their holdings of VNO. Franklin Resources Inc. raised its stake in Vornado Realty Trust by 5.6% during the third quarter. Franklin Resources Inc. now owns 11,107,586 shares of the real estate investment trust’s stock worth $444,859,000 after purchasing an additional 592,412 shares during the period. Geode Capital Management LLC increased its holdings in shares of Vornado Realty Trust by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,106,295 shares of the real estate investment trust’s stock worth $122,417,000 after buying an additional 39,147 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Vornado Realty Trust by 428.3% in the 3rd quarter. Principal Financial Group Inc. now owns 2,820,958 shares of the real estate investment trust’s stock worth $111,146,000 after buying an additional 2,286,997 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Vornado Realty Trust by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,801,260 shares of the real estate investment trust’s stock valued at $110,370,000 after acquiring an additional 149,017 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. grew its position in Vornado Realty Trust by 45.0% during 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 acquiring an additional 612,765 shares during the period. 90.02% of the stock is owned by institutional investors and hedge funds.

Vornado Realty Trust Company Profile

Vornado Realty Trust is a fully – integrated equity real estate investment trust.