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 Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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