Empire State Realty Trust, Inc. (ESRT) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Empire State Realty Trust, Inc. (NYSE:ESRT) from a sell rating to a hold rating in a report issued on Monday. Zacks Investment Research currently has $23.00 price objective on the real estate investment trust’s stock.

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 analysts have also recently commented on the stock. BidaskClub cut shares of Empire State Realty Trust from a hold rating to a sell rating in a research report on Tuesday, July 25th. Goldman Sachs Group, Inc. (The) reaffirmed a neutral rating and set a $21.00 price target on shares of Empire State Realty Trust in a research report on Thursday, June 22nd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Empire State Realty Trust has a consensus rating of Hold and a consensus target price of $22.00.

Empire State Realty Trust (ESRT) traded down 1.19% on Monday, hitting $20.73. The stock had a trading volume of 344,002 shares. The company has a market capitalization of $3.29 billion, a PE ratio of 52.88 and a beta of 1.01. The company has a 50 day moving average of $20.54 and a 200 day moving average of $20.76. 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 issued its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.25 earnings per share for the quarter, topping 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 analysts’ expectations of $118.81 million. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Empire State Realty Trust’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities analysts expect that Empire State Realty Trust will post $0.92 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a dividend of $0.105 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.42 annualized dividend and a dividend yield of 2.00%. Empire State Realty Trust’s dividend payout ratio is currently 107.70%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its holdings in shares of Empire State Realty Trust by 9.4% during the second quarter. The Manufacturers Life Insurance Company now owns 5,571 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 479 shares during the period. SG Americas Securities LLC raised its holdings in shares of Empire State Realty Trust by 13.8% during the second quarter. SG Americas Securities LLC now owns 7,137 shares of the real estate investment trust’s stock valued at $148,000 after purchasing an additional 865 shares during the period. Advisor Group Inc. raised its holdings in shares of Empire State Realty Trust by 22.1% during the second quarter. Advisor Group Inc. now owns 8,344 shares of the real estate investment trust’s stock valued at $173,000 after purchasing an additional 1,510 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Empire State Realty Trust by 15.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,440 shares of the real estate investment trust’s stock valued at $175,000 after purchasing an additional 1,122 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in shares of Empire State Realty Trust by 44.8% during the second quarter. Advisors Asset Management Inc. now owns 8,578 shares of the real estate investment trust’s stock valued at $178,000 after purchasing an additional 2,653 shares during the period. Hedge funds and other institutional investors own 83.67% of the company’s stock.

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.

Get a free copy of the Zacks research report on Empire State Realty Trust (ESRT)

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 analysts have also recently commented on the stock. BidaskClub cut shares of Empire State Realty Trust from a hold rating to a sell rating in a research report on Tuesday, July 25th. Goldman Sachs Group, Inc. (The) reaffirmed a neutral rating and set a $21.00 price target on shares of Empire State Realty Trust in a research report on Thursday, June 22nd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Empire State Realty Trust has a consensus rating of Hold and a consensus target price of $22.00.

Empire State Realty Trust (ESRT) traded down 1.19% on Monday, hitting $20.73. The stock had a trading volume of 344,002 shares. The company has a market capitalization of $3.29 billion, a PE ratio of 52.88 and a beta of 1.01. The company has a 50 day moving average of $20.54 and a 200 day moving average of $20.76. 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 issued its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.25 earnings per share for the quarter, topping 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 analysts’ expectations of $118.81 million. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Empire State Realty Trust’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities analysts expect that Empire State Realty Trust will post $0.92 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: This report was originally published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this report on another website, it was copied illegally and republished in violation of U.S. and international copyright and trademark law. The original version of this report can be accessed at https://ledgergazette.com/2017/10/19/empire-state-realty-trust-inc-esrt-upgraded-at-zacks-investment-research.html.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a dividend of $0.105 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.42 annualized dividend and a dividend yield of 2.00%. Empire State Realty Trust’s dividend payout ratio is currently 107.70%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its holdings in shares of Empire State Realty Trust by 9.4% during the second quarter. The Manufacturers Life Insurance Company now owns 5,571 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 479 shares during the period. SG Americas Securities LLC raised its holdings in shares of Empire State Realty Trust by 13.8% during the second quarter. SG Americas Securities LLC now owns 7,137 shares of the real estate investment trust’s stock valued at $148,000 after purchasing an additional 865 shares during the period. Advisor Group Inc. raised its holdings in shares of Empire State Realty Trust by 22.1% during the second quarter. Advisor Group Inc. now owns 8,344 shares of the real estate investment trust’s stock valued at $173,000 after purchasing an additional 1,510 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Empire State Realty Trust by 15.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,440 shares of the real estate investment trust’s stock valued at $175,000 after purchasing an additional 1,122 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in shares of Empire State Realty Trust by 44.8% during the second quarter. Advisors Asset Management Inc. now owns 8,578 shares of the real estate investment trust’s stock valued at $178,000 after purchasing an additional 2,653 shares during the period. Hedge funds and other institutional investors own 83.67% of the company’s stock.

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.

Get a free copy of the Zacks research report on Empire State Realty Trust (ESRT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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