Argus raises Vornado Realty Trust [VNO]’s rating to Buy and price target to $42

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Argus took its Vornado Realty Trust [NYSE:VNO]‎ rating to the equivalent of Buy from Hold, and the ‎price target to $42, ‎‎in a research note dated December 30, 2020. That figure represents around a ‎‎16.70% premium ‎from ‎where the company’s shares closed on Tuesday.‎ Other ‎analysts also revised ‎their coverage, with Evercore ISI’s analysts downgrading the shares from “an In-‎line” rating to “an ‎Underperform” rating in a research note to investors issued in mid October. ‎Meanwhile, Morgan ‎Stanley had lowered its rating on VNO to “an Underweight” from the earlier “an ‎Equal-weight”, in a ‎research note produced for clients May 28, 2020. In addition, there was a ‎downgrade from Stifel on ‎May 06, 2020. The rater changed VNO from “a Hold” to “a Sell”.

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Is Vornado Realty Trust [NYSE:VNO] a Good Buy Right Now?

It should be noted that ‎VNO ‎technical indicators for short, intermediate as well as long term progress have placed an ‎overall ‎average of 8% as Sell. The average signal changed from 24% Sell in the last week and compares ‎with ‎‎24% Buy in the past month. Data from Vornado Realty Trust’s Trend Spotter indicated that the ‎signals ‎were Strengthening. The stock current average is 2.09 million shares in the past 20 days and the ‎short ‎term average signal indicates a 50% Buy. In the last 50 days, the average trading volume was ‎‎2.67 ‎million shares while the medium term average advocated for 50% Buy. The average long-term ‎signal ‎stands at 100% Sell and the 100-day average volume stands at 2.19 million shares.‎‎

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VNO Price Performance

On Wall Street, Vornado Realty Trust [NYSE:VNO] ‎finished ‎Tuesday’s session down -2.68% at $35.99. The stock went up to $37.53 at the same session ‎while its ‎lowest single day price was $35.83. In the last five days, it saw a fall of about -0.53%, Vornado ‎Realty ‎Trust shares dropped by almost -45.88% since the beginning of the year. However, the share ‎price has ‎dropped to as low as -47.59% below its one year high. On 01/23/20, the company shares ‎recorded ‎‎$68.68, the highest single-day price it has got to in the last 52-weeks and a 52-week low was ‎seen on ‎‎03/23/20, the same year at $27.64. The company’s shares have declined by -45.17% in the past ‎year. ‎The 50-day SMA achieved is $36.86 while the 200-day SMA is $36.83. Volume gained to 1.46 ‎million ‎from 1.2 million in the previous session.‎‎

Vornado Realty Trust [VNO] Valuation Measures

Notably, Vornado Realty Trust [VNO] ‎stock ‎cannot be classified as a good candidate in the listing of underestimated low-priced REIT – ‎Office ‎companies to purchase soonest possible with the prevailing 12-month PE ratio of 128.54. The ‎measure ‎means the stock is exchanging at a premium as compared to the 19.08x trailing earnings of ‎the ‎industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a ‎‎4.31 ‎PS value ratio is reported for the last one year of reported earnings. That is lower than the ‎industry ‎average of 7.43 which means VNO serve an unattractive investment opportunity compared to ‎its ‎competitors.‎‎

VNO Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing ‎is ‎perceived around 35.37 level, and in case of violation of this particular level, it will cause more drop ‎to ‎‎34.75 level. On the upper level, 38.15 is still the key resistance. The stock may increase to ‎the ‎subsequent resistance at 37.07. The Relative Strength Index (RSI) pinned on the 14-day chart is ‎‎42.30, ‎implying a neutral technical stance while the MACD stands at -1.16, meaning price will decrease ‎in the ‎next trading period. Percent R indicator moved to 81.80%, implying bearish price ‎movement. ‎Stochastic %K at 23.00% suggest selling the stock.‎‎

What is the short interest in Vornado Realty Trust?

Short interest in the Vornado ‎Realty ‎Trust stock has plunged, decreasing by -1.09 million shares to total 15.6 million shares on Dec 14, ‎‎2020. ‎The interest had seen shares on Nov 12, 2020 stand at 14.51 million, data from Yahoo Finance ‎shows. ‎The increase of 6.99% suggests the stock saw some increased bearish sentiment. The stock’s ‎days to ‎cover (short ratio) moved to while the shorted shares account for just 10.62% of the overall ‎float for ‎the stock.‎‎

Vornado Realty Trust’s Biggest Shareholders: Who Owns Vornado Realty Trust ‎‎[VNO]?

Filings ‎by The Vanguard Group, Inc. showed that the firm now holds a total of 24,813,850 ‎shares or roughly ‎‎12.97% of the outstanding VNO shares. This means their shares have reduced by -‎‎1,034,516 from the ‎‎24,813,850 the investor reportedly held in its prior 13-F filing. With the conclusion of ‎the sale, Norges ‎Bank Investment Management updated stake is worth $701,512,437. Details in the ‎latest 13F filings ‎reveal that BlackRock Fund Advisors acquired their 0.13% stake valued at $419,876,643 ‎while SSgA ‎Funds Management, Inc. cut theirs at $415,720,043. During the last quarter, BlackRock Fund ‎Advisors ‎raised 13,775 of its shares in Vornado Realty Trust while SSgA Funds Management, Inc. sold -‎‎836,242 ‎shares. The TCI Fund Management Ltd.’s holdings currently number 9,926,516 shares at ‎‎$357255310.84. ‎According to the firm’s last 13F report, JPMorgan Investment Management, I shares in ‎the company at ‎filing stood at 7,542,680 shares, roughly $293,485,679.‎‎

VNO Earnings Forecast For The Current Quarter

Vornado Realty Trust [VNO] is expected ‎to ‎report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give ‎the ‎company expected revenues of $365.98M and an earnings per share of -$0.12 for Dec 2020. ‎Looking ‎further ahead, the company is expected to report revenue of $376.46M at an EPS of -$0.16 for ‎Mar ‎‎2021. The estimates represent downside of -2.40% and 98.70% in the company’s revenue and ‎earnings ‎per share, respectively, on a year-on-year basis.‎‎

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VNO Earnings Estimates For The ‎Current ‎Year

For the financial year, Vornado Realty Trust [NYSE:VNO] is expected to bring in ‎revenue of ‎‎$1.64B. The returns are nearly $-280.0 million lower than the company’s actual revenue ‎recorded in the ‎fiscal year 2019. In terms of EPS for the 2020, estimate put it at -0.76, lower than that of ‎FY19 by -‎‎$16.97. Estimates put this year’s earnings growth at -104.70%, 98.70% for the next, and at an ‎annual ‎‎17.33% over the next 5-year period. As for sales, forecasts are for a decrease of -14.90% in the ‎current ‎fiscal year and a further -2.40% over the following year.‎


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