Empire State Realty Trust (NYSE:ESRT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The brokerage presently has a $16.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.77% from the stock’s previous close.
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. “
ESRT has been the subject of a number of other reports. ValuEngine raised shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. BMO Capital Markets cut shares of Empire State Realty Trust from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $19.00 to $15.00 in a research report on Friday, September 6th. Goldman Sachs Group began coverage on shares of Empire State Realty Trust in a research report on Friday, November 8th. They set a “neutral” rating and a $15.00 price target for the company. Finally, Citigroup decreased their price target on shares of Empire State Realty Trust from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Five equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and an average price target of $15.25.
Shares of NYSE ESRT opened at $13.82 on Tuesday. Empire State Realty Trust has a 52-week low of $12.77 and a 52-week high of $16.23. The firm has a fifty day moving average of $14.20 and a 200-day moving average of $14.35. The stock has a market capitalization of $2.54 billion, a PE ratio of 14.10, a P/E/G ratio of 4.02 and a beta of 0.69. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 0.88.
Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.14). Empire State Realty Trust had a return on equity of 3.26% and a net margin of 8.70%. The business had revenue of $150.23 million for the quarter, compared to analysts’ expectations of $125.22 million. During the same period last year, the company posted $0.25 earnings per share. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. Equities research analysts expect that Empire State Realty Trust will post 0.87 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in ESRT. Marshall Wace North America L.P. purchased a new stake in Empire State Realty Trust during the 1st quarter worth $67,000. FMR LLC lifted its holdings 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 worth $30,311,000 after buying an additional 86,889 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Empire State Realty Trust by 82.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 165,154 shares of the real estate investment trust’s stock worth $2,446,000 after buying an additional 74,742 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Empire State Realty Trust in the 2nd quarter worth $398,000. Finally, Aperio Group LLC lifted its holdings in Empire State Realty Trust by 44.5% in the 2nd quarter. Aperio Group LLC now owns 70,649 shares of the real estate investment trust’s stock worth $1,046,000 after buying an additional 21,757 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.
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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