Empire State Realty Trust (NYSE:ESRT) Issues Quarterly Earnings Results, Misses Expectations By $0.14 EPS

Empire State Realty Trust (NYSE:ESRT) released its quarterly earnings results on Wednesday. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.14), Zacks reports. Empire State Realty Trust had a return on equity of 2.85% and a net margin of 6.51%. The firm had revenue of $189.54 million for the quarter. During the same quarter last year, the business earned $0.26 earnings per share. Empire State Realty Trust updated its FY 2024 guidance to 0.900-0.940 EPS.

Empire State Realty Trust Stock Down 1.1 %

Shares of ESRT traded down $0.12 during midday trading on Thursday, hitting $10.55. The company had a trading volume of 1,993,988 shares, compared to its average volume of 1,055,618. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.23. Empire State Realty Trust has a 52 week low of $7.25 and a 52 week high of $11.20. The company’s 50 day moving average price is $9.55 and its 200 day moving average price is $9.65. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 34.57, a PEG ratio of 6.79 and a beta of 1.40.

Empire State Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Friday, June 14th. Empire State Realty Trust’s payout ratio is currently 46.67%.

Wall Street Analyst Weigh In

ESRT has been the topic of several analyst reports. BMO Capital Markets lifted their price target on shares of Empire State Realty Trust from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. StockNews.com raised shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, April 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $9.25.

Empire State Realty Trust Company Profile

Empire State Realty Trust, Inc (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The company is the recognized leader in energy efficiency and indoor environmental quality. ESRT's flagship Empire State Building – the "World's Most Famous Building" – includes its Observatory, Tripadvisor's 2023 Travelers' Choice Awards: Best of the Best the #1 attraction in the US for two consecutive years.