Zacks Investment Research Lowers Empire State Realty Trust, Inc. (ESRT) to Hold

Zacks Investment Research lowered shares of Empire State Realty Trust, Inc. (NYSE:ESRT) from a buy rating to a hold rating in a report released on Friday morning.

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 research firms have also recently commented on ESRT. BidaskClub cut Empire State Realty Trust from a hold rating to a sell rating in a report on Tuesday, July 25th. BMO Capital Markets reissued a buy rating and issued a $23.00 price target on shares of Empire State Realty Trust in a report on Wednesday, November 1st. Finally, TheStreet raised Empire State Realty Trust from a c+ rating to a b rating in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $22.00.

Shares of Empire State Realty Trust (NYSE ESRT) traded up $0.18 during trading hours on Friday, hitting $20.20. The stock had a trading volume of 279,784 shares, compared to its average volume of 893,548. Empire State Realty Trust has a twelve month low of $18.66 and a twelve month high of $21.98. The stock has a market capitalization of $3,155.81, a P/E ratio of 20.64, a P/E/G ratio of 5.47 and a beta of 0.99. The company has a debt-to-equity ratio of 0.80, a quick ratio of 5.11 and a current ratio of 5.11.

Empire State Realty Trust (NYSE:ESRT) last announced its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). Empire State Realty Trust had a net margin of 11.90% and a return on equity of 3.98%. The company had revenue of $122.39 million during the quarter, compared to analysts’ expectations of $122.22 million. During the same quarter last year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. research analysts forecast that Empire State Realty Trust will post 0.96 earnings per share for the current year.

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Several institutional investors and hedge funds have recently bought and sold shares of ESRT. California Public Employees Retirement System lifted its holdings in shares of Empire State Realty Trust by 1.3% in the 1st quarter. California Public Employees Retirement System now owns 152,400 shares of the real estate investment trust’s stock valued at $3,146,000 after buying an additional 1,900 shares during the period. Thrivent Financial For Lutherans lifted its holdings in shares of Empire State Realty Trust by 3.8% in the 1st quarter. Thrivent Financial For Lutherans now owns 45,009 shares of the real estate investment trust’s stock valued at $929,000 after buying an additional 1,666 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Empire State Realty Trust by 4.5% in the 1st quarter. Geode Capital Management LLC now owns 903,200 shares of the real estate investment trust’s stock valued at $18,642,000 after buying an additional 38,978 shares during the period. Dimensional Fund Advisors LP raised its holdings in Empire State Realty Trust by 21.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,057,348 shares of the real estate investment trust’s stock worth $42,463,000 after purchasing an additional 357,974 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Empire State Realty Trust by 3,596.9% during the first quarter. BlackRock Inc. now owns 6,901,650 shares of the real estate investment trust’s stock worth $142,448,000 after purchasing an additional 6,714,963 shares during the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

About Empire State Realty Trust

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.

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