Zacks Investment Research Upgrades Empire State Realty Trust, Inc. (ESRT) to “Hold”

Empire State Realty Trust, Inc. (NYSE:ESRT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday, October 16th. The firm presently has a $23.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.37% from the stock’s current price.

According to Zacks, “Empire State Realty Trust, Inc. is a real estate investment trust which owns, manages, operates, acquires and repositions office and retail properties primarily in Manhattan and New York metropolitan area. Empire State Realty Trust, Inc. is based in New York, United States. “

Several other analysts also recently issued reports on ESRT. BidaskClub raised shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $21.00 price objective on shares of Empire State Realty Trust in a research note on Thursday, June 22nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Empire State Realty Trust has a consensus rating of “Hold” and a consensus target price of $22.00.

Shares of Empire State Realty Trust (NYSE:ESRT) opened at 20.11 on Monday. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 51.30 and a beta of 1.01. The firm has a 50 day moving average price of $20.54 and a 200-day moving average price of $20.74. Empire State Realty Trust has a 12-month low of $18.62 and a 12-month high of $21.98.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.01. Empire State Realty Trust had a net margin of 11.67% and a return on equity of 3.85%. The company had revenue of $120.80 million for the quarter, compared to the consensus estimate of $118.81 million. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities analysts expect that Empire State Realty Trust will post $0.92 earnings per share for the current fiscal year.

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A number of hedge funds have recently modified their holdings of ESRT. The Manufacturers Life Insurance Company increased its position in shares of Empire State Realty Trust by 9.4% in the second quarter. The Manufacturers Life Insurance Company now owns 5,571 shares of the real estate investment trust’s stock worth $116,000 after acquiring an additional 479 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Empire State Realty Trust by 13.8% in the second quarter. SG Americas Securities LLC now owns 7,137 shares of the real estate investment trust’s stock worth $148,000 after acquiring an additional 865 shares in the last quarter. Advisor Group Inc. increased its position in shares of Empire State Realty Trust by 22.1% in the second quarter. Advisor Group Inc. now owns 8,344 shares of the real estate investment trust’s stock worth $173,000 after acquiring an additional 1,510 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Empire State Realty Trust by 15.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,440 shares of the real estate investment trust’s stock worth $175,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Empire State Realty Trust by 44.8% in the second quarter. Advisors Asset Management Inc. now owns 8,578 shares of the real estate investment trust’s stock worth $178,000 after acquiring an additional 2,653 shares in the last quarter. 83.52% of the stock is owned by hedge funds and other institutional investors.

Empire State Realty Trust Company Profile

Empire State Realty Trust, Inc is a real estate investment trust. The Company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building. The Company operates through two segments: Real Estate and Observatory.

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