Michael Fascitelli Sells 133,350 Shares of Vornado Realty Trust (NYSE:VNO) Stock

Vornado Realty Trust (NYSE:VNO) Director Michael Fascitelli sold 133,350 shares of the business’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 sale, the director owned 475,161 shares of the company’s stock, valued at $17,400,395.82. This trade 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 accessible through this hyperlink.

Vornado Realty Trust Price Performance

Shares of VNO stock traded up $1.35 during trading hours on Thursday, hitting $37.81. 2,502,573 shares of the company’s stock were exchanged, compared to its average volume of 1,694,958. The firm has a 50 day moving average of $32.09 and a two-hundred day moving average of $31.18. Vornado Realty Trust has a fifty-two week low of $24.57 and a fifty-two week high of $43.37. The firm has a market cap of $7.11 billion, a P/E ratio of 10.39, a P/E/G ratio of 1.84 and a beta of 1.56. The company has a quick ratio of 6.14, a current ratio of 6.14 and a debt-to-equity ratio of 1.54.

Vornado Realty Trust (NYSE:VNO) last posted its quarterly earnings data on Monday, May 4th. The real estate investment trust reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.07). The company had revenue of $459.11 million for the quarter, compared to analyst estimates of $431.71 million. Vornado Realty Trust had a return on equity of 15.82% and a net margin of 43.99%.The business’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 earnings per share. Sell-side analysts forecast that Vornado Realty Trust will post 2.34 EPS for the current year.

Vornado Realty Trust announced that its board has approved a share repurchase program on Wednesday, April 29th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Vornado Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in Vornado Realty Trust by 18.3% in the 1st quarter. Royal Bank of Canada now owns 27,507 shares of the real estate investment trust’s stock valued at $1,017,000 after acquiring an additional 4,251 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Vornado Realty Trust by 18.7% during the 1st quarter. AQR Capital Management LLC now owns 51,939 shares of the real estate investment trust’s stock worth $1,903,000 after purchasing an additional 8,189 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Vornado Realty Trust by 22.6% in the first quarter. Goldman Sachs Group Inc. now owns 613,806 shares of the real estate investment trust’s stock valued at $22,705,000 after purchasing an additional 112,956 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Vornado Realty Trust in the second quarter valued at approximately $763,000. Finally, California Public Employees Retirement System increased its holdings in shares of Vornado Realty Trust by 9.6% in the second quarter. California Public Employees Retirement System now owns 365,237 shares of the real estate investment trust’s stock valued at $13,967,000 after purchasing an additional 32,028 shares during the last quarter. 90.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on VNO shares. Morgan Stanley decreased their price target on shares of Vornado Realty Trust from $32.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Citigroup boosted their price objective on Vornado Realty Trust from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Scotiabank increased their target price on Vornado Realty Trust from $33.00 to $38.00 and gave the company a “sector perform” rating in a report on Thursday. BMO Capital Markets raised their target price on Vornado Realty Trust from $33.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday. Finally, JPMorgan Chase & Co. lifted their price target on Vornado Realty Trust from $33.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, May 28th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Vornado Realty Trust presently has a consensus rating of “Hold” and an average target price of $35.42.

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.