Empire State Realty Trust Inc Declares Quarterly Dividend of $0.11 (NYSE:ESRT)
Empire State Realty Trust Inc (NYSE:ESRT) announced a quarterly dividend on Thursday, August 10th, Wall Street Journal reports. Investors of record on Friday, September 15th will be given a dividend of 0.105 per share by the real estate investment trust on Friday, September 29th. This represents a $0.42 annualized dividend and a yield of 2.05%. The ex-dividend date is Thursday, September 14th.
Empire State Realty Trust has raised its dividend payment by an average of 71.4% per year over the last three years. Empire State Realty Trust has a payout ratio of 44.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Empire State Realty Trust to earn $0.20 per share next year, which means the company may not be able to cover its $0.42 annual dividend with an expected future payout ratio of 210.0%.
Empire State Realty Trust (NYSE:ESRT) traded down 0.44% during midday trading on Thursday, reaching $20.47. 671,592 shares of the company traded hands. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 52.22 and a beta of 1.01. Empire State Realty Trust has a 12 month low of $18.62 and a 12 month high of $22.31. The firm has a 50 day moving average of $20.62 and a 200-day moving average of $20.86.
Empire State Realty Trust (NYSE:ESRT) last issued its quarterly earnings data on Wednesday, July 26th. 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. Empire State Realty Trust had a net margin of 17.70% and a return on equity of 5.76%. The business had revenue of $120.80 million during the quarter, compared to analysts’ expectations of $118.81 million. During the same period in the previous year, the company 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. Analysts forecast that Empire State Realty Trust will post $0.92 EPS for the current fiscal year.
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Several equities analysts recently commented on ESRT shares. TheStreet upgraded shares of Empire State Realty Trust from a “c+” rating to a “b” rating in a research note on Thursday, April 27th. BMO Capital Markets set a $23.00 target price on shares of Empire State Realty Trust and gave the company a “buy” rating in a research note on Saturday, May 13th. BidaskClub upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Evercore ISI started coverage on shares of Empire State Realty Trust in a research note on Wednesday, May 31st. They set an “in-line” rating and a $23.00 target price for the company. Finally, Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $21.00 target price on shares of Empire State Realty Trust in a research note on Thursday, June 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $22.20.
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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