Empire State Realty Trust (NYSE:ESRT) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Empire State Realty Trust (NYSE:ESRT) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

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. “

A number of other brokerages have also issued reports on ESRT. KeyCorp decreased their target price on shares of Empire State Realty Trust from $14.00 to $13.00 and set an overweight rating on the stock in a research report on Thursday, October 14th. Evercore ISI lowered shares of Empire State Realty Trust from an outperform rating to an in-line rating and reduced their price target for the stock from $11.50 to $10.50 in a research report on Monday, December 6th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Empire State Realty Trust has a consensus rating of Hold and a consensus target price of $12.00.

Shares of NYSE:ESRT opened at $9.78 on Tuesday. The company’s 50 day moving average price is $9.53 and its two-hundred day moving average price is $10.37. Empire State Realty Trust has a 12-month low of $8.36 and a 12-month high of $13.11. The firm has a market cap of $1.70 billion, a PE ratio of -195.60, a PEG ratio of 1.93 and a beta of 1.07. The company has a quick ratio of 9.24, a current ratio of 9.24 and a debt-to-equity ratio of 1.25.

Empire State Realty Trust (NYSE:ESRT) last announced its earnings results on Wednesday, October 27th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.20). Empire State Realty Trust had a negative return on equity of 0.20% and a negative net margin of 0.57%. During the same quarter last year, the business posted $0.12 EPS. On average, research analysts expect that Empire State Realty Trust will post 0.63 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 31st. Investors of record on Monday, December 20th were given a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, December 17th. This represents a $0.14 annualized dividend and a dividend yield of 1.43%. Empire State Realty Trust’s dividend payout ratio is -280.00%.

A number of large investors have recently modified their holdings of ESRT. Marshall Wace North America L.P. bought a new position in Empire State Realty Trust in the 1st quarter valued at approximately $67,000. FMR LLC lifted its stake in Empire State Realty Trust by 4.7% in the 1st quarter. FMR LLC now owns 1,918,406 shares of the real estate investment trust’s stock valued at $30,311,000 after purchasing an additional 86,889 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Empire State Realty Trust by 197.8% in the 2nd quarter. Victory Capital Management Inc. now owns 51,484 shares of the real estate investment trust’s stock valued at $618,000 after purchasing an additional 34,197 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Empire State Realty Trust by 53.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 43,133 shares of the real estate investment trust’s stock valued at $518,000 after purchasing an additional 15,026 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Empire State Realty Trust by 17.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 19,628 shares of the real estate investment trust’s stock valued at $236,000 after purchasing an additional 2,846 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Empire State Realty Trust Company Profile

Empire State Realty Trust, Inc is a real estate investment trust, which engages in owning, managing, acquiring, and repositioning office and retail properties. It operates through the Real Estate and Observatory segments. The Real Estate segment includes ownership, management, operation, acquisition, repositioning, and disposition of real estate assets.

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