Empire State Realty (NYSE:ESRT) announced a quarterly dividend on Monday, May 21st, Wall Street Journal reports. Stockholders of record on Friday, June 15th will be given a dividend of 0.105 per share by the real estate investment trust on Friday, June 29th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Thursday, June 14th.
Empire State Realty has raised its dividend by an average of 7.3% per year over the last three years and has raised its dividend every year for the last 2 years. Empire State Realty has a payout ratio of 44.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Empire State Realty to earn $0.91 per share next year, which means the company should continue to be able to cover its $0.42 annual dividend with an expected future payout ratio of 46.2%.
NYSE:ESRT opened at $16.08 on Tuesday. Empire State Realty has a 52 week low of $15.94 and a 52 week high of $21.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 9.00 and a current ratio of 9.00. The stock has a market cap of $2.65 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 4.57 and a beta of 0.95.
Empire State Realty (NYSE:ESRT) last posted its earnings results on Wednesday, April 25th. The real estate investment trust reported $0.06 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.13). Empire State Realty had a net margin of 10.85% and a return on equity of 3.94%. The business had revenue of $122.31 million for the quarter, compared to analyst estimates of $122.72 million. analysts expect that Empire State Realty will post 0.88 EPS for the current fiscal year.
ESRT has been the topic of a number of analyst reports. Stifel Nicolaus cut Empire State Realty from a “buy” rating to a “hold” rating and dropped their target price for the company from $20.00 to $18.00 in a research report on Monday, February 26th. Wells Fargo dropped 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 report on Friday, March 23rd. Zacks Investment Research upgraded Empire State Realty from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. ValuEngine lowered shares of Empire State Realty from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Finally, BMO Capital Markets set a $22.00 price target on shares of Empire State Realty and gave the company a “buy” rating in a research note on Wednesday, February 21st. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $20.67.
Empire State Realty Company Profile
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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