Q2 2023 Earnings Forecast for Vornado Realty Trust (NYSE:VNO) Issued By Zacks Research

Vornado Realty Trust (NYSE:VNO – Get Rating) – Equities research analysts at Zacks Research increased their Q2 2023 earnings estimates for Vornado Realty Trust in a research report issued to clients and investors on Tuesday, May 23rd. Zacks Research analyst N. Dass now expects that the real estate investment trust will earn $0.58 per share for the quarter, up from their prior forecast of $0.57. The consensus estimate for Vornado Realty Trust’s current full-year earnings is $2.50 per share. Zacks Research also issued estimates for Vornado Realty Trust’s Q4 2023 earnings at $0.57 EPS, FY2023 earnings at $2.31 EPS, Q2 2024 earnings at $0.56 EPS, Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $2.25 EPS, Q1 2025 earnings at $0.60 EPS and FY2025 earnings at $2.66 EPS.

A number of other research analysts have also commented on the stock. Morgan Stanley cut their price objective on shares of Vornado Realty Trust from $18.00 to $13.00 and set an “underweight” rating for the company in a research report on Friday, March 31st. BMO Capital Markets lowered shares of Vornado Realty Trust from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $26.00 to $18.00 in a research report on Friday, March 3rd. TheStreet lowered shares of Vornado Realty Trust from a “c-” rating to a “d+” rating in a research report on Wednesday, February 15th. Evercore ISI dropped their price target on shares of Vornado Realty Trust from $23.00 to $22.00 in a research report on Monday, March 27th. Finally, Truist Financial dropped their price target on shares of Vornado Realty Trust from $27.00 to $22.00 in a research report on Monday, March 20th. Six equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.00.

Vornado Realty Trust Stock Down 1.7 %

Shares of VNO opened at $13.13 on Thursday. The company has a 50-day simple moving average of $14.35 and a 200-day simple moving average of $19.47. The firm has a market capitalization of $2.52 billion, a P/E ratio of -5.86, a P/E/G ratio of 1.70 and a beta of 1.37. The company has a debt-to-equity ratio of 1.74, a quick ratio of 4.75 and a current ratio of 4.75. Vornado Realty Trust has a 52 week low of $12.31 and a 52 week high of $35.65.

Vornado Realty Trust (NYSE:VNO – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.61). The company had revenue of $445.92 million for the quarter, compared to analyst estimates of $452.70 million. Vornado Realty Trust had a negative net margin of 20.39% and a positive return on equity of 2.51%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 EPS.

Hedge Funds Weigh In On Vornado Realty Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Putnam Investments LLC boosted its position in shares of Vornado Realty Trust by 0.6% during the first quarter. Putnam Investments LLC now owns 9,816,379 shares of the real estate investment trust’s stock worth $150,878,000 after purchasing an additional 57,000 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Vornado Realty Trust by 165.1% during the first quarter. Ameriprise Financial Inc. now owns 274,244 shares of the real estate investment trust’s stock worth $4,215,000 after purchasing an additional 170,783 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Vornado Realty Trust by 88.7% during the first quarter. JPMorgan Chase & Co. now owns 2,226,245 shares of the real estate investment trust’s stock worth $34,218,000 after purchasing an additional 1,046,163 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of Vornado Realty Trust by 12.2% during the first quarter. Advisory Services Network LLC now owns 8,474 shares of the real estate investment trust’s stock worth $130,000 after purchasing an additional 922 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in shares of Vornado Realty Trust by 154.3% during the first quarter. Thrivent Financial for Lutherans now owns 71,528 shares of the real estate investment trust’s stock worth $1,099,000 after purchasing an additional 43,404 shares in the last quarter. 75.97% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Russell B. Wight, Jr. purchased 16,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were acquired at an average cost of $11.21 per share, with a total value of $179,360.00. Following the completion of the purchase, the director now directly owns 7,000 shares of the company’s stock, valued at $78,470. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have purchased 20,000 shares of company stock valued at $224,680 over the last three months. 8.03% of the stock is owned by insiders.

Vornado Realty Trust declared that its Board of Directors has authorized a share repurchase program on Wednesday, April 26th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

About Vornado Realty Trust

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Vornado Realty Trust is a real estate investment trust, which engages in the ownership of office, retail, merchandise mart properties, and other real estate and related investments. It operates through the New York and Other segments. The company was founded by Steven Roth on March 29, 1993 and is headquartered in New York, NY.