March 05, 2013 at 10:11 AM EST
Vornado To Sell Big Portion of its JC Penny Holdings (VNO)

Late on Monday there were reports that Vornado Realty Trust (VNO) has decided to sell a big portion of its stake in discount retailer JC Penny (JCP) as losses from the holdings have become too great.

It was reported by Reuters that Deutsche Bank is shopping around 10 million shares of JCP held by Vornado. The asking price for the shares was $16.40 to $16.60 per share; JCP’s closing price of Monday was $16.74.

At the end of fourth quarter of 2012, VNO said it held 18.6 million shares of JC Penny, with an average purchase price of $25.76 per share.

Vornado chairman Steven Roth sits on the board of JC Penny. The news that a board member was attempting to exit such a big stake in the company caused JCP shares to plummet 7% on Tuesday.

Vornado shares were up $1.77, or +2.13%, during Tuesday morning trading. The stock is up +2.34% over the past twelve months.

The Bottom Line
Shares of Vornado Realty Trust (VNO) have a dividend yield of 3.51% based on last night’s closing price of $83.13 and the company’s annualized dividend payout of $2.92 per share.

Vornado Realty Trust (VNO) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here