Westpac Banking Corp has decreased its holdings in Vornado Realty Trust (NYSE: VNO) by 10.2% during the first quarter of 2023, according to Holdings Channel. Following this reduction, the bank now owns 37,553 shares of the real estate investment trust, valued at approximately $1.39 million.
Several institutional investors have made significant adjustments to their positions in Vornado Realty Trust. For instance, Price T Rowe Associates Inc. increased its stake by 3.2% in the fourth quarter, now owning 8,888,449 shares worth about $373.67 million. Invesco Ltd. raised its holdings by an impressive 34.0% in the first quarter, bringing its total to 4,203,184 shares, valued at $155.48 million. Similarly, Deutsche Bank AG lifted its position by 21.3%, now owning 2,952,900 shares worth approximately $109.23 million. Northern Trust Corp also made a significant move, increasing its stake by 98.3% in the fourth quarter, now totaling 2,741,129 shares valued at $115.24 million. Centersquare Investment Management LLC raised its stake by 32.2% during the first quarter, owning 2,595,901 shares worth around $96.02 million.
Institutional investors and hedge funds collectively own 90.02% of Vornado Realty Trust’s stock, indicating strong institutional interest in the company.
In related news, Executive Vice President Haim Chera sold 20,000 shares of Vornado Realty Trust on May 30, 2023. The shares were sold at an average price of $37.98, resulting in a total transaction value of $759,600. Following this transaction, Chera holds 30,000 shares in the company, valued at approximately $1.14 million. This sale represents a 40.0% decrease in his ownership of the stock. Insider ownership currently stands at 8.42% of the total shares.
Financial Performance and Analyst Ratings
Vornado Realty Trust announced its quarterly earnings results on August 4, 2023. The real estate investment trust reported earnings per share (EPS) of $0.56, exceeding the consensus estimate of $0.53 by $0.03. The company recorded a return on equity of 19.64% and a net margin of 48.49%. Revenue for the quarter was $441.44 million, which fell short of the consensus estimate of $468.79 million. In comparison to the same quarter the previous year, Vornado Realty Trust’s revenue decreased by 2.0%.
Analysts forecast Vornado Realty Trust will post an EPS of $2.31 for the current fiscal year. Recent ratings from research analysts reflect a mixed outlook for the company. Wall Street Zen upgraded shares of Vornado Realty Trust from a “sell” to a “hold” rating on May 15, 2023. Scotiabank raised its target price from $42.00 to $45.00, assigning a “sector perform” rating. Conversely, Mizuho reduced its price target from $48.00 to $43.00, maintaining an “outperform” rating. Evercore ISI also cut its price target from $45.00 to $44.00, while Truist Financial increased its price objective from $37.00 to $38.00, assigning a “hold” rating.
Currently, two analysts have rated Vornado Realty Trust with a “sell” rating, seven have given it a “hold” rating, and two have issued a “buy” rating. Based on data from MarketBeat, the stock holds an average rating of “Hold” with a price target of $37.80.
Investors and analysts continue to closely monitor Vornado Realty Trust’s performance as the real estate sector navigates fluctuating market conditions. For ongoing updates on institutional holdings and insider trades, Vornado Realty Trust’s profile can be accessed through reputable financial news platforms.
