Mizuho's Bullish Stance on VNO: What Institutional Investors Need to Know

Mizuho has reaffirmed its Outperform rating on Vornado Realty Trust (NYSE:VNO), signaling confidence in the real estate investment trust’s near-term performance potential. The analyst community’s collective assessment points toward meaningful upside, with the consensus one-year price target for VNO standing at $40.29 per share as of early December 2025—representing a potential 14.95% gain from the current trading level of $35.05.

Institutional Positioning Reveals Mixed Sentiment

The fund and institutional landscape around VNO presents a nuanced picture. Currently, 777 funds and institutions maintain active positions in the company, though this reflects a net decrease of 32 stakeholders compared to the prior quarter. The average allocation weight across all institutional portfolios dedicated to VNO remains modest at 0.23%, up 1.02% sequentially. However, total institutional share count has contracted by 10.04% over the same period, settling at 194,984K shares—a signal worth monitoring for trend-conscious investors.

Options market participants appear more constructive, with VNO’s put/call ratio of 0.72 suggesting a bullish bias among derivatives traders.

How Major Shareholders Are Repositioning

Franklin Resources maintains the largest institutional footprint, holding 12,309K shares (6.41% of outstanding equity). Notably, the firm expanded this position by 2.23% sequentially, increasing its portfolio allocation weight in VNO by 1.96%—a decisive vote of confidence.

Price T Rowe Associates, by contrast, has trimmed exposure, reducing its stake from 7,872K to 7,455K shares (a 5.59% reduction), representing a 5.20% decline in portfolio weighting. This pullback may reflect portfolio rebalancing rather than fundamental concerns.

The Vanguard Real Estate Index Fund Investor Shares (VGSIX) holds 6,065K shares (3.16% ownership) and has decreased its holdings by 0.28%, yet paradoxically increased its portfolio allocation in VNO by 7.60%—likely reflecting index-driven rebalancing dynamics.

PEYAX - PUTNAM EQUITY INCOME FUND Shares maintains a 4.01% stake (7,693K shares) with no change from the prior period. Kemnay Advisory Services rounds out the major holders with 5,834K shares (3.04%) and similarly reported no repositioning activity.

The Bottom Line

VNO’s projected annual revenue is expected to reach $1,958 million, up 2.84% year-over-year, while non-GAAP EPS guidance sits at -0.08. Mizuho’s maintained Outperform stance combined with institutional buying by leading asset managers suggests the market sees value in VNO at current levels, though diverging institutional moves warrant continued observation.