Vornado Realty Trust (NYSE:VNO) Given New $39.00 Price Target at JPMorgan Chase & Co.

Vornado Realty Trust (NYSE:VNO) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $37.00 to $39.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 11.80% from the company’s current price.

Several other research firms also recently issued reports on VNO. Piper Sandler upped their price objective on Vornado Realty Trust from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Barclays lifted their target price on Vornado Realty Trust from $29.00 to $34.00 and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Morgan Stanley downgraded Vornado Realty Trust from an “equal weight” rating to an “underweight” rating and set a $32.00 target price for the company. in a research report on Wednesday, July 22nd. BMO Capital Markets upped their price target on Vornado Realty Trust from $33.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Finally, Citigroup raised their price target on Vornado Realty Trust from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $40.09.

Vornado Realty Trust Price Performance

Shares of NYSE:VNO traded down $0.12 during midday trading on Tuesday, reaching $34.88. The company’s stock had a trading volume of 204,023 shares, compared to its average volume of 1,802,306. The business’s fifty day simple moving average is $38.49 and its 200-day simple moving average is $33.74. The company has a debt-to-equity ratio of 1.56, a current ratio of 5.24 and a quick ratio of 5.24. Vornado Realty Trust has a fifty-two week low of $24.57 and a fifty-two week high of $42.50. The company has a market capitalization of $6.51 billion, a P/E ratio of 1,746.62, a P/E/G ratio of 1.63 and a beta of 1.53.

Vornado Realty Trust (NYSE:VNO) last issued its quarterly earnings data on Monday, August 3rd. The real estate investment trust reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.49). Vornado Realty Trust had a return on equity of 1.37% and a net margin of 3.71%.The company had revenue of $462.24 million for the quarter, compared to the consensus estimate of $454.46 million. During the same period in the prior year, the company earned $0.56 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts expect that Vornado Realty Trust will post 2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael Fascitelli sold 133,350 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $36.62, for a total value of $4,883,277.00. Following the completion of the transaction, the director owned 475,161 shares in the company, valued at $17,400,395.82. This represents a 21.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 9.00% of the company’s stock.

Hedge Funds Weigh In On Vornado Realty Trust

Several hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System bought a new stake in Vornado Realty Trust during the 1st quarter worth about $1,206,000. Legal & General Group Plc grew its holdings in shares of Vornado Realty Trust by 9.1% in the 4th quarter. Legal & General Group Plc now owns 1,789,601 shares of the real estate investment trust’s stock valued at $59,558,000 after acquiring an additional 149,598 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Vornado Realty Trust by 440.6% in the second quarter. Wellington Management Group LLP now owns 598,395 shares of the real estate investment trust’s stock valued at $23,517,000 after acquiring an additional 487,710 shares during the last quarter. Bank of America Corp DE increased its position in shares of Vornado Realty Trust by 5.7% in the first quarter. Bank of America Corp DE now owns 1,266,476 shares of the real estate investment trust’s stock valued at $32,916,000 after acquiring an additional 68,267 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Vornado Realty Trust by 129.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,398,378 shares of the real estate investment trust’s stock worth $36,344,000 after purchasing an additional 788,067 shares in the last quarter. 90.02% of the stock is owned by institutional investors.

Vornado Realty Trust Company Profile

Vornado Realty Trust is a publicly traded real estate investment trust that owns, manages and develops office, retail and mixed-use properties. The company’s portfolio is concentrated in New York City, particularly in Manhattan, where it operates prominent office buildings and retail destinations in major commercial districts.

Vornado’s activities include leasing office space to businesses, operating retail properties, managing building services and pursuing redevelopment opportunities.