5 New Stock Picks of Brian Higgins’ King Street Capital

4. Vornado Realty Trust (NYSE:VNO)

King Street Capital’s Stake Value: $12,603,000

Percentage of King Street Capital’s 13F Portfolio: 1.06%

Number of Hedge Fund Holders: 25

Vornado Realty Trust (NYSE:VNO) is a New York-based real estate investment trust which mainly focuses on office buildings and retail spaces in Manhattan. Brian Higgins, via King Street Capital, purchased a $12.6 million position in Vornado Realty Trust (NYSE:VNO) in the third quarter, which represents 1.06% of the firm’s total 13F portfolio. 

Vornado Realty Trust (NYSE:VNO), on November 1, reported earnings for the third quarter. The company posted a GAAP EPS of $0.20, outperforming estimates by $0.09. The Q3 revenue of Vornado Realty Trust (NYSE:VNO) equaled $409.21 million, up 12.43% year-over-year, exceeding estimates by $28.53 million. 

As of September 2021, 25 hedge funds reported owning stakes in Vornado Realty Trust (NYSE:VNO), down from 29 funds in the preceding quarter. One of the largest Vornado Realty Trust (NYSE:VNO) shareholders in the third quarter is Masterton Capital Management, with 457,098 shares worth $19.2 million. 

Here is what Baron Funds has to say about Vornado Realty Trust (NYSE:VNO) in its Q2 2021 investor letter:

“Vornado Realty Trust: Vornado is a REIT that owns a high-quality portfolio of office and street retail assets concentrated in New York City. As economic activity improves and employees return to work, we expect leasing and occupancy trends to improve. At its recent price of $47, we believe the shares are attractively valued at a 40% discount to our estimate of net asset value of $78 per share.”