Empire State Realty Trust (ESRT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Empire State Realty Trust (NYSE:ESRT) from a hold rating to a buy rating in a research report report published on Thursday morning. They currently have $18.00 price target 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. “
Several other brokerages have also recently commented on ESRT. ValuEngine raised Empire State Realty Trust from a sell rating to a hold rating in a research note on Thursday, March 7th. Citigroup began coverage on Empire State Realty Trust in a research note on Thursday, February 28th. They issued a neutral rating and a $17.00 price target for the company. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $19.40.
Empire State Realty Trust (NYSE:ESRT) last released its earnings results on Wednesday, February 20th. The real estate investment trust reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.06. Empire State Realty Trust had a return on equity of 4.01% and a net margin of 10.86%. The company had revenue of $123.26 million for the quarter, compared to analysts’ expectations of $123.75 million. During the same quarter in the previous year, the business posted $0.25 EPS. The business’s revenue for the quarter was down .3% on a year-over-year basis. As a group, equities analysts forecast that Empire State Realty Trust will post 0.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $0.105 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.42 annualized dividend and a dividend yield of 2.63%. Empire State Realty Trust’s payout ratio is 42.86%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Pearl River Capital LLC acquired a new position in shares of Empire State Realty Trust during the fourth quarter worth approximately $25,000. Quantamental Technologies LLC acquired a new position in Empire State Realty Trust during the fourth quarter worth about $42,000. First Hawaiian Bank acquired a new position in Empire State Realty Trust during the fourth quarter worth about $102,000. Redpoint Investment Management Pty Ltd acquired a new position in Empire State Realty Trust during the third quarter worth about $169,000. Finally, Advisor Group Inc. boosted its position in Empire State Realty Trust by 6.1% during the fourth quarter. Advisor Group Inc. now owns 12,547 shares of the real estate investment trust’s stock worth $179,000 after acquiring an additional 722 shares during the last quarter. 75.63% of the stock is owned by institutional investors and hedge funds.
About Empire State Realty Trust
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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