In a bullish market, Vornado Realty Trust (NYSE:VNO)'s shares have seen significant appreciation for the second consecutive day, rising by 13.34% to $22.01 on Thursday. Despite this surge, the share price still sits $4.75 below its yearly high of $26.76, which was established on February 2nd.
The company's performance outshone that of its rivals, including JBG SMITH Properties and Broadstone Net Lease Inc., which posted growth of 4.05% and 1.92% respectively. Essential Properties Realty (NYSE:EPRT) Trust Inc., on the other hand, trailed behind with a modest uptick of 2.49%.
A noteworthy development was the surge in Vornado's trading volume. It reached a staggering 5.6 million, considerably surpassing its standard 50-day average volume of 3 million. This indicates a heightened level of investor interest in the company's shares.
InvestingPro Insights
In addition to the market's bullish sentiment towards Vornado Realty Trust, InvestingPro's real-time data and tips provide further insights into the company's financial performance. With a market cap of $4,530 million, Vornado's P/E ratio stands at -10.82, indicating that the company has not been profitable in the last twelve months, as confirmed by one of InvestingPro's tips.
However, the company's future looks promising. According to InvestingPro Tips, analysts expect both net income and sales growth for Vornado this year. This is reflected in the company's adjusted P/E ratio, which is projected to improve to -7.19 by Q3 2023.
InvestingPro's data also reveals a significant return over the last week with a total price return of 11.73%. This aligns with the recent surge in Vornado's share price. Moreover, the company has seen a large price uptick over the last six months, with a 58% increase in total return.
InvestingPro Tips also highlight that Vornado has maintained dividend payments for 34 consecutive years, a factor that might appeal to income-focused investors. The company's dividend yield stands at 6.82%, despite a decrease in dividend growth by -29.25% in the last twelve months as of Q3 2023.
For those interested in more comprehensive insights, InvestingPro offers over 15 additional tips for Vornado Realty Trust and countless other companies.
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