KeyCorp Weighs in on Empire State Realty’s FY2018 Earnings (ESRT)

Empire State Realty (NYSE:ESRT) – KeyCorp lowered their FY2018 EPS estimates for Empire State Realty in a research report issued on Thursday, April 5th. KeyCorp analyst C. Mailman now anticipates that the real estate investment trust will earn $0.82 per share for the year, down from their previous forecast of $1.02.

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Empire State Realty (NYSE:ESRT) last posted its earnings results on Wednesday, February 21st. The real estate investment trust reported $0.25 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.25. Empire State Realty had a return on equity of 3.95% and a net margin of 11.72%. The company had revenue of $183.10 million for the quarter, compared to analyst estimates of $123.85 million. During the same period last year, the company earned $0.25 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year.

ESRT has been the topic of several other reports. 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 report on Friday, March 23rd. Zacks Investment Research lowered Empire State Realty from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. BMO Capital Markets set a $20.00 price objective on Empire State Realty and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, Stifel Nicolaus dropped their price objective on Empire State Realty from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $20.67.

NYSE ESRT opened at $16.56 on Monday. Empire State Realty has a fifty-two week low of $16.26 and a fifty-two week high of $21.72. The company has a debt-to-equity ratio of 0.85, a quick ratio of 6.65 and a current ratio of 6.65. The stock has a market cap of $2,697.18, a price-to-earnings ratio of 17.25, a P/E/G ratio of 5.07 and a beta of 0.95.

Several institutional investors have recently bought and sold shares of ESRT. Deutsche Bank AG increased its stake in shares of Empire State Realty by 23.1% in the fourth quarter. Deutsche Bank AG now owns 4,841,599 shares of the real estate investment trust’s stock worth $99,392,000 after purchasing an additional 907,440 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Empire State Realty by 12.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 8,221,178 shares of the real estate investment trust’s stock worth $168,781,000 after purchasing an additional 898,581 shares during the period. Resolution Capital Ltd increased its stake in shares of Empire State Realty by 5.9% in the fourth quarter. Resolution Capital Ltd now owns 6,408,038 shares of the real estate investment trust’s stock worth $131,557,000 after purchasing an additional 356,916 shares during the period. Standard Life Aberdeen plc increased its stake in shares of Empire State Realty by 130.1% in the fourth quarter. Standard Life Aberdeen plc now owns 549,921 shares of the real estate investment trust’s stock worth $11,287,000 after purchasing an additional 310,976 shares during the period. Finally, BlackRock Inc. increased its stake in shares of Empire State Realty by 3.9% in the fourth quarter. BlackRock Inc. now owns 8,307,553 shares of the real estate investment trust’s stock worth $170,554,000 after purchasing an additional 309,414 shares during the period. Institutional investors and hedge funds own 81.94% of the company’s stock.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Thursday, March 15th were paid a $0.105 dividend. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.54%. Empire State Realty’s payout ratio is presently 43.75%.

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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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