Empire State Realty Trust Inc (NYSE:ESRT) declared a quarterly dividend on Monday, March 5th, Wall Street Journal reports. Stockholders of record on Thursday, March 15th will be paid a dividend of 0.105 per share by the real estate investment trust on Friday, March 30th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Wednesday, March 14th.
Empire State Realty Trust has raised its dividend payment by an average of 7.3% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Empire State Realty Trust has a dividend payout ratio of 44.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Empire State Realty Trust to earn $0.95 per share next year, which means the company should continue to be able to cover its $0.42 annual dividend with an expected future payout ratio of 44.2%.
Shares of Empire State Realty Trust (NYSE ESRT) traded down $0.01 on Tuesday, reaching $16.83. 70,507 shares of the company’s stock traded hands, compared to its average volume of 1,255,945. The company has a quick ratio of 6.65, a current ratio of 6.65 and a debt-to-equity ratio of 0.85. The firm has a market cap of $2,733.01, a PE ratio of 17.30, a P/E/G ratio of 4.17 and a beta of 0.98. Empire State Realty Trust has a 12 month low of $16.57 and a 12 month high of $21.72.
ESRT has been the topic of several recent research reports. TheStreet lowered shares of Empire State Realty Trust from a “b” rating to a “c+” rating in a research report on Thursday, November 16th. Evercore ISI upgraded shares of Empire State Realty Trust from an “in” rating to a “line” rating and set a $23.00 price objective on the stock in a research report on Monday, December 4th. Zacks Investment Research lowered shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Stifel Nicolaus decreased their price objective on shares of Empire State Realty Trust from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Finally, BMO Capital Markets set a $22.00 price objective on shares of Empire State Realty Trust and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Empire State Realty Trust presently has an average rating of “Hold” and a consensus price target of $21.00.
A hedge fund recently raised its stake in Empire State Realty Trust stock. The Manufacturers Life Insurance Company increased its holdings in Empire State Realty Trust Inc (NYSE:ESRT) by 9.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,571 shares of the real estate investment trust’s stock after buying an additional 479 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Empire State Realty Trust were worth $116,000 as of its most recent SEC filing. Institutional investors and hedge funds own 84.17% of the company’s stock.
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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