Empire State Realty Trust, Inc. (ESRT) Releases Earnings Results, Beats Estimates By $0.01 EPS
Empire State Realty Trust, Inc. (NYSE:ESRT) issued its earnings results on Wednesday. The real estate investment trust reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.01, Bloomberg Earnings reports. Empire State Realty Trust had a net margin of 11.02% and a return on equity of 3.88%. The firm had revenue of $120.80 million during the quarter, compared to analyst estimates of $118.81 million. During the same quarter in the prior year, the business earned $0.24 earnings per share. Empire State Realty Trust’s revenue for the quarter was up 7.3% on a year-over-year basis.
Shares of Empire State Realty Trust (NYSE:ESRT) traded up 1.10% during midday trading on Wednesday, hitting $20.26. 1,887,088 shares of the stock traded hands. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 53.60 and a beta of 1.01. The company’s 50 day moving average price is $20.78 and its 200-day moving average price is $20.81. Empire State Realty Trust has a 12-month low of $18.62 and a 12-month high of $22.31.
The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 15th were paid a $0.105 dividend. This represents a $0.42 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Tuesday, June 13th. Empire State Realty Trust’s dividend payout ratio is currently 110.53%.
ESRT has been the subject of several research reports. BidaskClub lowered shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Tuesday. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $21.00 price objective on shares of Empire State Realty Trust in a research report on Thursday, June 22nd. BMO Capital Markets set a $23.00 price objective on shares of Empire State Realty Trust and gave the company a “buy” rating in a research report on Wednesday, May 31st. TheStreet upgraded shares of Empire State Realty Trust from a “c+” rating to a “b” rating in a research report on Thursday, April 27th. Finally, Evercore ISI initiated coverage on shares of Empire State Realty Trust in a research report on Wednesday, May 31st. They set an “in-line” rating and a $23.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $22.20.
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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.
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