Empire State Realty Trust, Inc. (NYSE:ESRT) Cut to Hold at Zacks Investment Research

Empire State Realty Trust, Inc. (NYSE:ESRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, November 3rd.

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 equities research analysts have also recently commented on the company. TheStreet raised Empire State Realty Trust from a “c+” rating to a “b” rating in a research report on Tuesday, October 31st. BidaskClub raised Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, BMO Capital Markets reissued a “buy” rating and issued a $23.00 target price on shares of Empire State Realty Trust in a report on Wednesday, November 1st. 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. The company presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Shares of Empire State Realty Trust (NYSE:ESRT) traded down $0.13 during mid-day trading on Friday, reaching $20.33. The company had a trading volume of 583,500 shares, compared to its average volume of 882,891. The stock has a market capitalization of $3,245.28, a PE ratio of 21.09, a price-to-earnings-growth ratio of 5.14 and a beta of 0.99. Empire State Realty Trust has a 12 month low of $19.19 and a 12 month high of $21.98. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.93 and a current ratio of 4.93.

Empire State Realty Trust (NYSE:ESRT) last released its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.26 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $122.39 million during the quarter, compared to analysts’ expectations of $122.22 million. During the same period in the prior year, the company posted $0.26 earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. equities research analysts predict that Empire State Realty Trust will post 0.96 earnings per share for the current year.

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A number of institutional investors and hedge funds have recently modified their holdings of ESRT. BlackRock Inc. raised its stake in Empire State Realty Trust by 3,596.9% during the 1st quarter. BlackRock Inc. now owns 6,901,650 shares of the real estate investment trust’s stock valued at $142,448,000 after purchasing an additional 6,714,963 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Empire State Realty Trust by 19.5% during the second quarter. Daiwa Securities Group Inc. now owns 7,302,285 shares of the real estate investment trust’s stock worth $151,669,000 after buying an additional 1,192,471 shares during the period. Citadel Advisors LLC boosted its position in shares of Empire State Realty Trust by 2,199.9% during the third quarter. Citadel Advisors LLC now owns 1,170,876 shares of the real estate investment trust’s stock worth $24,050,000 after buying an additional 1,119,967 shares during the period. Cohen & Steers Inc. boosted its position in shares of Empire State Realty Trust by 3.9% during the third quarter. Cohen & Steers Inc. now owns 19,570,975 shares of the real estate investment trust’s stock worth $401,988,000 after buying an additional 727,977 shares during the period. Finally, Resolution Capital Ltd boosted its position in shares of Empire State Realty Trust by 11.6% during the third quarter. Resolution Capital Ltd now owns 6,051,122 shares of the real estate investment trust’s stock worth $124,290,000 after buying an additional 628,944 shares during the period. 82.90% of the stock is currently owned by institutional investors.

Empire State Realty Trust Company Profile

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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