Convergence Investment Partners LLC Takes Position in Vornado Realty Trust $VNO

Convergence Investment Partners LLC bought a new stake in Vornado Realty Trust (NYSE:VNO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 24,792 shares of the real estate investment trust’s stock, valued at approximately $825,000.

A number of other large investors also recently made changes to their positions in VNO. Danske Bank A S acquired a new position in shares of Vornado Realty Trust in the 3rd quarter valued at about $28,000. Farmers & Merchants Investments Inc. increased its holdings in Vornado Realty Trust by 512.9% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 858 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 718 shares during the last quarter. Advisory Services Network LLC acquired a new position in Vornado Realty Trust in the third quarter worth approximately $33,000. Westside Investment Management Inc. increased its holdings in Vornado Realty Trust by 100.0% in the third quarter. Westside Investment Management Inc. now owns 886 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 443 shares during the last quarter. Finally, Quent Capital LLC acquired a new position in Vornado Realty Trust in the third quarter worth approximately $39,000. Institutional investors and hedge funds own 90.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on VNO. Mizuho dropped their price objective on Vornado Realty Trust from $40.00 to $34.00 and set an “outperform” rating on the stock in a report on Tuesday, February 24th. Barclays decreased their target price on Vornado Realty Trust from $33.00 to $28.00 and set an “underweight” rating for the company in a research report on Thursday, February 26th. Scotiabank decreased their target price on Vornado Realty Trust from $36.00 to $32.00 and set a “sector perform” rating for the company in a research report on Monday, March 2nd. Citigroup upped their target price on Vornado Realty Trust from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Finally, Truist Financial decreased their target price on Vornado Realty Trust from $29.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, March 31st. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $34.09.

Vornado Realty Trust Trading Down 1.7%

Shares of Vornado Realty Trust stock opened at $30.53 on Friday. The company’s fifty day simple moving average is $27.86 and its 200-day simple moving average is $31.41. The company has a market cap of $5.74 billion, a price-to-earnings ratio of 8.39, a PEG ratio of 1.55 and a beta of 1.53. The company has a current ratio of 6.14, a quick ratio of 6.14 and a debt-to-equity ratio of 1.54. Vornado Realty Trust has a 1 year low of $24.57 and a 1 year high of $43.37.

Vornado Realty Trust (NYSE:VNO) last announced its quarterly earnings data on Monday, May 4th. The real estate investment trust reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.07). The company had revenue of $459.11 million during the quarter, compared to analyst estimates of $431.72 million. Vornado Realty Trust had a return on equity of 15.82% and a net margin of 43.99%.The company’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 EPS. As a group, sell-side analysts expect that Vornado Realty Trust will post 2.33 EPS for the current year.

Vornado Realty Trust announced that its Board of Directors has initiated a stock repurchase program on Wednesday, April 29th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

About Vornado Realty Trust

Vornado Realty Trust is a self?administered real estate investment trust focused on the ownership, management and redevelopment of office and retail properties. As a fully integrated REIT, the company oversees leasing, property management, building operations and strategic capital improvements designed to enhance asset value and tenant experience. Vornado’s business model emphasizes long?term cash flow generation through stable rental income and disciplined portfolio optimization.

The company’s core portfolio is concentrated in New York City, where it holds a diverse mix of office towers and street?level retail assets in prominent submarkets such as Midtown and the Penn Plaza corridor.