Vornado Realty Trust (NYSE:VNO) Announces Earnings Results

Vornado Realty Trust (NYSE:VNO) posted its quarterly earnings results on Monday. The real estate investment trust reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.37), Zacks reports. Vornado Realty Trust had a net margin of 4.51% and a return on equity of 3.21%. The business had revenue of $450.27 million during the quarter, compared to analyst estimates of $439.28 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. The firm’s quarterly revenue was down 4.7% on a year-over-year basis.

Vornado Realty Trust Stock Performance

Shares of NYSE VNO traded up $0.83 during midday trading on Thursday, reaching $30.83. 882,080 shares of the company were exchanged, compared to its average volume of 2,011,937. The company has a current ratio of 5.21, a quick ratio of 4.97 and a debt-to-equity ratio of 1.78. Vornado Realty Trust has a 1 year low of $18.36 and a 1 year high of $32.21. The stock has a fifty day simple moving average of $26.85 and a 200 day simple moving average of $26.44. The stock has a market cap of $5.87 billion, a P/E ratio of 209.35 and a beta of 1.64.

Analysts Set New Price Targets

A number of research firms have weighed in on VNO. Evercore ISI raised their price target on Vornado Realty Trust from $24.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday. BMO Capital Markets upgraded Vornado Realty Trust from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $29.00 to $40.00 in a research report on Thursday. Scotiabank cut their target price on Vornado Realty Trust from $24.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 16th. Piper Sandler upgraded Vornado Realty Trust from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $22.00 to $30.00 in a research report on Thursday. Finally, Barclays cut their target price on Vornado Realty Trust from $22.00 to $21.00 and set an “underweight” rating on the stock in a research report on Friday, May 24th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $26.91.

Insider Buying and Selling

In related news, Director Russell B. Wight, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $28.19, for a total transaction of $56,380.00. Following the transaction, the director now owns 3,034 shares of the company’s stock, valued at $85,528.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 8.14% of the company’s stock.

Vornado Realty Trust Company Profile

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.