Vornado Realty Trust (NYSE:VNO) Stock Price Up 4.7% Following Earnings Beat

Vornado Realty Trust (NYSE:VNO)’s share price traded up 4.7% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $44.31 and last traded at $44.38. 549,394 shares changed hands during trading, a decline of 51% from the average session volume of 1,117,767 shares. The stock had previously closed at $42.37.

The real estate investment trust reported $0.61 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.66. Vornado Realty Trust had a net margin of 0.46% and a return on equity of 1.72%.

Vornado Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were paid a $0.74 dividend. This is an increase from Vornado Realty Trust’s previous quarterly dividend of $0.30. This represents a $2.96 annualized dividend and a yield of 6.77%. The ex-dividend date was Monday, December 16th. Vornado Realty Trust’s dividend payout ratio (DPR) is -255.17%.

Wall Street Analyst Weigh In

VNO has been the topic of several research analyst reports. Piper Sandler restated a “neutral” rating and issued a $44.00 price objective (up previously from $30.00) on shares of Vornado Realty Trust in a research note on Friday, October 18th. Scotiabank raised their price target on Vornado Realty Trust from $33.00 to $38.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Mizuho raised shares of Vornado Realty Trust from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $38.00 to $48.00 in a research report on Tuesday, January 7th. Evercore ISI increased their price objective on shares of Vornado Realty Trust from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Finally, Truist Financial lifted their target price on shares of Vornado Realty Trust from $31.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Vornado Realty Trust currently has a consensus rating of “Hold” and an average price target of $37.61.

Institutional Trading of Vornado Realty Trust

Several large investors have recently modified their holdings of the stock. Franklin Resources Inc. increased its holdings in Vornado Realty Trust by 5.6% in the 3rd quarter. Franklin Resources Inc. now owns 11,107,586 shares of the real estate investment trust’s stock valued at $444,859,000 after buying an additional 592,412 shares during the period. Principal Financial Group Inc. increased its stake in Vornado Realty Trust by 126.8% in the fourth quarter. Principal Financial Group Inc. now owns 6,396,551 shares of the real estate investment trust’s stock valued at $268,912,000 after acquiring an additional 3,575,593 shares during the last quarter. JPMorgan Chase & Co. raised its position in Vornado Realty Trust by 232.8% during the third quarter. JPMorgan Chase & Co. now owns 3,529,069 shares of the real estate investment trust’s stock valued at $139,045,000 after purchasing an additional 2,468,652 shares in the last quarter. Geode Capital Management LLC lifted its stake in Vornado Realty Trust by 1.3% during the third quarter. Geode Capital Management LLC now owns 3,106,295 shares of the real estate investment trust’s stock worth $122,417,000 after purchasing an additional 39,147 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Vornado Realty Trust by 5.6% in the 3rd 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 purchasing an additional 149,017 shares in the last quarter. 90.02% of the stock is owned by institutional investors and hedge funds.

Vornado Realty Trust Stock Performance

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 company has a market cap of $8.34 billion, a P/E ratio of -150.86 and a beta of 1.62. The company has a 50 day moving average price of $42.16 and a 200-day moving average price of $39.34.

About Vornado Realty Trust

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