Shares of Empire State Realty (NYSE:ESRT) have received an average rating of “Hold” from the eight ratings firms that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $20.20.
Several research firms have weighed in on ESRT. Wells Fargo cut their target price on Empire State Realty from $21.00 to $19.00 and set a “market perform” rating on the stock in a research note on Friday, March 23rd. Zacks Investment Research lowered Empire State Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, March 13th. BMO Capital Markets set a $20.00 target price on Empire State Realty and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, Stifel Nicolaus lowered Empire State Realty from a “buy” rating to a “hold” rating and cut their target price for the company from $20.00 to $18.00 in a research note on Monday, February 26th.
Empire State Realty stock traded down $0.11 during mid-day trading on Friday, hitting $16.56. The stock had a trading volume of 664,020 shares, compared to its average volume of 1,082,912. The stock has a market cap of $2,715.09, a price-to-earnings ratio of 17.25, a P/E/G ratio of 5.11 and a beta of 0.95. Empire State Realty has a 12 month low of $16.26 and a 12 month high of $21.72. The company has a quick ratio of 6.65, a current ratio of 6.65 and a debt-to-equity ratio of 0.85.
Empire State Realty (NYSE:ESRT) last posted its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.25. The business had revenue of $183.10 million for the quarter, compared to analysts’ expectations of $123.85 million. Empire State Realty had a return on equity of 3.95% and a net margin of 11.72%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.25 earnings per share. sell-side analysts expect that Empire State Realty will post 0.93 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Thursday, March 15th were paid a $0.105 dividend. This represents a $0.42 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Wednesday, March 14th. Empire State Realty’s payout ratio is 43.75%.
A number of large investors have recently added to or reduced their stakes in the business. Xact Kapitalforvaltning AB acquired a new position in Empire State Realty in the fourth quarter valued at about $208,000. Macquarie Group Ltd. raised its position in shares of Empire State Realty by 15.7% during the fourth quarter. Macquarie Group Ltd. now owns 621,588 shares of the real estate investment trust’s stock worth $12,591,000 after purchasing an additional 84,460 shares during the period. Cornerstone Capital Management Holdings LLC. raised its position in shares of Empire State Realty by 105.0% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 289,817 shares of the real estate investment trust’s stock worth $5,949,000 after purchasing an additional 148,472 shares during the period. California State Teachers Retirement System raised its position in shares of Empire State Realty by 1.7% during the fourth quarter. California State Teachers Retirement System now owns 216,445 shares of the real estate investment trust’s stock worth $4,444,000 after purchasing an additional 3,585 shares during the period. Finally, Two Sigma Investments LP raised its position in shares of Empire State Realty by 81.0% during the fourth quarter. Two Sigma Investments LP now owns 442,604 shares of the real estate investment trust’s stock worth $9,087,000 after purchasing an additional 198,038 shares during the period. 81.94% of the stock is currently owned by hedge funds and other institutional investors.
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About Empire State Realty
Empire State Realty Trust, Inc (NYSE: ESRT), a leading real estate investment trust (REIT), 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 world's most famous building.
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