Empire State Realty Trust, Inc. (NYSE:ESRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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 analysts also recently weighed in on ESRT. BidaskClub downgraded Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. BMO Capital Markets reaffirmed a “buy” rating and set a $23.00 price target on shares of Empire State Realty Trust in a research report on Wednesday. Finally, TheStreet raised Empire State Realty Trust from a “c+” rating to a “b” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Empire State Realty Trust has an average rating of “Hold” and an average price target of $22.00.

Shares of Empire State Realty Trust (ESRT) traded down $0.02 during mid-day trading on Friday, reaching $20.02. The company had a trading volume of 441,809 shares, compared to its average volume of 914,873. The stock has a market cap of $3.18 billion, a PE ratio of 20.81 and a beta of 0.99.

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 Thomson Reuters’ consensus estimate of $0.27 by ($0.01). Empire State Realty Trust had a return on equity of 3.98% and a net margin of 11.90%. The business had revenue of $122.39 million for the quarter, compared to analysts’ expectations of $122.22 million. During the same quarter last year, the firm earned $0.26 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. sell-side analysts expect that Empire State Realty Trust will post 0.96 EPS for the current fiscal year.

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A number of institutional investors and hedge funds have recently modified their holdings of the business. Daiwa Securities Group Inc. lifted its position in Empire State Realty Trust by 0.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 7,322,597 shares of the real estate investment trust’s stock worth $150,407,000 after acquiring an additional 20,312 shares during the period. BlackRock Inc. lifted its position in Empire State Realty Trust by 3.3% during the 2nd quarter. BlackRock Inc. now owns 7,131,040 shares of the real estate investment trust’s stock worth $148,111,000 after acquiring an additional 229,390 shares during the period. Resolution Capital Ltd lifted its position in Empire State Realty Trust by 11.6% during the 3rd quarter. Resolution Capital Ltd now owns 6,051,122 shares of the real estate investment trust’s stock worth $124,290,000 after acquiring an additional 628,944 shares during the period. Alliancebernstein L.P. lifted its position in Empire State Realty Trust by 4.7% during the 2nd quarter. Alliancebernstein L.P. now owns 4,444,929 shares of the real estate investment trust’s stock worth $92,321,000 after acquiring an additional 198,972 shares during the period. Finally, American Century Companies Inc. lifted its position in Empire State Realty Trust by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 4,143,964 shares of the real estate investment trust’s stock worth $86,070,000 after acquiring an additional 411,503 shares during the period. 83.71% of the stock is owned by institutional investors.

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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