Goldman Sachs Group Begins Coverage on Empire State Realty Trust (NYSE:ESRT)

Equities research analysts at Goldman Sachs Group initiated coverage on shares of Empire State Realty Trust (NYSE:ESRT) in a research report issued on Friday, The Fly reports. The brokerage set a “neutral” rating and a $15.00 price target on the real estate investment trust’s stock. Goldman Sachs Group’s target price suggests a potential upside of 3.59% from the company’s current price.

Several other analysts have also recently commented on the stock. BMO Capital Markets cut shares of Empire State Realty Trust from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $19.00 to $15.00 in a research note on Friday, September 6th. Citigroup reduced their target price on shares of Empire State Realty Trust from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Zacks Investment Research cut shares of Empire State Realty Trust from a “buy” rating to a “hold” rating in a research note on Monday, October 7th. Finally, ValuEngine upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus price target of $15.00.

Shares of ESRT stock traded down $0.08 during mid-day trading on Friday, hitting $14.48. The stock had a trading volume of 382,113 shares, compared to its average volume of 1,127,652. Empire State Realty Trust has a fifty-two week low of $12.77 and a fifty-two week high of $16.47. The firm has a market cap of $2.59 billion, a PE ratio of 14.78, a PEG ratio of 6.27 and a beta of 0.72. The company has a debt-to-equity ratio of 0.88, a current ratio of 4.01 and a quick ratio of 4.01. The company’s 50-day simple moving average is $14.16 and its 200-day simple moving average is $14.59.

Empire State Realty Trust (NYSE:ESRT) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $150.23 million during the quarter, compared to analyst estimates of $125.22 million. During the same quarter last year, the business posted $0.25 EPS. The firm’s revenue was up 21.5% on a year-over-year basis. On average, analysts expect that Empire State Realty Trust will post 0.86 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in Empire State Realty Trust by 1,129.0% in the second quarter. JPMorgan Chase & Co. now owns 2,751,991 shares of the real estate investment trust’s stock valued at $40,096,000 after purchasing an additional 2,528,073 shares during the period. Nuveen Asset Management LLC lifted its holdings in Empire State Realty Trust by 8,387.0% in the second quarter. Nuveen Asset Management LLC now owns 2,036,879 shares of the real estate investment trust’s stock worth $30,165,000 after purchasing an additional 2,012,879 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Empire State Realty Trust by 200.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,827,745 shares of the real estate investment trust’s stock worth $27,069,000 after purchasing an additional 1,219,607 shares during the period. Bank of New York Mellon Corp lifted its holdings in Empire State Realty Trust by 66.9% in the second quarter. Bank of New York Mellon Corp now owns 3,042,233 shares of the real estate investment trust’s stock worth $45,056,000 after purchasing an additional 1,219,476 shares during the period. Finally, Cohen & Steers Inc. lifted its holdings in Empire State Realty Trust by 8.0% in the 2nd quarter. Cohen & Steers Inc. now owns 10,983,972 shares of the real estate investment trust’s stock valued at $162,673,000 after acquiring an additional 816,573 shares during the last quarter. Hedge funds and other institutional investors own 77.02% of the company’s stock.

Empire State Realty Trust Company Profile

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.

Recommended Story: How to interpret a stock’s beta number

The Fly

Receive News & Ratings for Empire State Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Empire State Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply