Vornado Realty Trust (VNO) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Vornado Realty Trust (NYSE:VNO) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

According to Zacks, “Shares of Vornado have underperformed the industry it belongs to, in the past six months. Further, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward in a months’ time. Recently, the company disclosed that its fourth quarter results will reflect a negative impact of 18 cents due to certain tax expenses, repayment expenses and other losses. As part of its portfolio repositioning efforts, the company has been aggressively disposing its assets. However, dilutive impact on earnings from divestitures of assets cannot be bypassed in the near term. Also, intense competition and hike in interest rates remain concerns. Nevertheless, Vornado has a portfolio of premium assets in high-rent, high barrier-to-entry markets as well as a diverse tenant base.”

A number of other research firms also recently issued reports on VNO. Barclays reiterated a hold rating and set a $75.00 target price on shares of Vornado Realty Trust in a research report on Wednesday, January 31st. JPMorgan Chase & Co. downgraded shares of Vornado Realty Trust from an overweight rating to a neutral rating and set a $92.00 target price on the stock. in a research report on Friday, December 15th. SunTrust Banks upgraded shares of Vornado Realty Trust from a hold rating to a buy rating in a research report on Monday, January 22nd. They noted that the move was a valuation call. TheStreet upgraded shares of Vornado Realty Trust from a c+ rating to a b- rating in a research report on Monday, December 18th. Finally, Morgan Stanley upgraded shares of Vornado Realty Trust from an equal weight rating to an overweight rating and boosted their target price for the company from $81.00 to $84.00 in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $89.45.

Vornado Realty Trust (VNO) opened at $67.69 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.26 and a current ratio of 0.26. Vornado Realty Trust has a 1 year low of $65.64 and a 1 year high of $89.38. The stock has a market cap of $12,566.12, a price-to-earnings ratio of 16.35, a P/E/G ratio of 3.98 and a beta of 0.86.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Monday, January 29th will be issued a dividend of $0.63 per share. This is an increase from Vornado Realty Trust’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, January 26th. This represents a $2.52 annualized dividend and a yield of 3.72%. Vornado Realty Trust’s dividend payout ratio is presently 60.87%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Suntrust Banks Inc. acquired a new position in Vornado Realty Trust during the fourth quarter worth $210,000. Timber Hill LLC acquired a new position in Vornado Realty Trust during the fourth quarter worth $1,059,000. Norinchukin Bank The raised its holdings in Vornado Realty Trust by 7.1% during the fourth quarter. Norinchukin Bank The now owns 14,375 shares of the real estate investment trust’s stock worth $1,124,000 after buying an additional 953 shares during the last quarter. Ontario Teachers Pension Plan Board raised its holdings in Vornado Realty Trust by 13.5% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 74,879 shares of the real estate investment trust’s stock worth $5,854,000 after buying an additional 8,889 shares during the last quarter. Finally, American International Group Inc. raised its holdings in Vornado Realty Trust by 8.0% during the fourth quarter. American International Group Inc. now owns 73,232 shares of the real estate investment trust’s stock worth $5,725,000 after buying an additional 5,419 shares during the last quarter. Hedge funds and other institutional investors own 85.74% of the company’s stock.

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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.

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