Empire State Realty Trust Inc (ESRT) Expected to Post Quarterly Sales of $123.37 Million

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Equities analysts expect that Empire State Realty Trust Inc (NYSE:ESRT) will report $123.37 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Empire State Realty Trust’s earnings, with estimates ranging from $123.26 million to $123.48 million. Empire State Realty Trust reported sales of $122.39 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 0.8%. The firm is expected to report its next quarterly earnings results on Tuesday, October 30th.

On average, analysts expect that Empire State Realty Trust will report full year sales of $493.22 million for the current year, with estimates ranging from $492.09 million to $494.35 million. For the next fiscal year, analysts expect that the company will post sales of $507.53 million per share, with estimates ranging from $503.21 million to $511.85 million. Zacks’ sales averages are a mean average based on a survey of research firms that cover Empire State Realty Trust.

Empire State Realty Trust (NYSE:ESRT) last posted its quarterly earnings data on Wednesday, July 25th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.01. The firm had revenue of $124.04 million during the quarter, compared to the consensus estimate of $122.58 million. Empire State Realty Trust had a net margin of 12.72% and a return on equity of 4.62%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.25 EPS.

A number of analysts have issued reports on ESRT shares. ValuEngine downgraded shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Zacks Investment Research downgraded shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, April 25th. BTIG Research downgraded shares of Empire State Realty Trust from a “buy” rating to a “hold” rating and set a $24.00 price target for the company. in a report on Tuesday, July 31st. Bank of America downgraded shares of Empire State Realty Trust from a “buy” rating to a “neutral” rating and set a $19.00 price target for the company. in a report on Tuesday, August 7th. Finally, Evercore ISI downgraded shares of Empire State Realty Trust from an “outperform” rating to an “inline” rating in a report on Monday, June 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Empire State Realty Trust presently has an average rating of “Hold” and an average target price of $20.86.

In related news, CFO David A. Karp acquired 4,500 shares of the stock in a transaction that occurred on Monday, July 30th. The stock was acquired at an average cost of $16.19 per share, for a total transaction of $72,855.00. Following the transaction, the chief financial officer now directly owns 5,500 shares in the company, valued at $89,045. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Quark Holding Llc acquired 284,015 shares of the stock in a transaction that occurred on Thursday, May 31st. The shares were bought at an average price of $16.72 per share, with a total value of $4,748,730.80. The disclosure for this purchase can be found here. Corporate insiders own 11.50% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in ESRT. Cornerstone Wealth Management LLC acquired a new position in Empire State Realty Trust in the 2nd quarter valued at approximately $200,000. Nisa Investment Advisors LLC acquired a new stake in shares of Empire State Realty Trust during the second quarter worth $137,000. Eqis Capital Management Inc. acquired a new stake in shares of Empire State Realty Trust during the second quarter worth $172,000. Xact Kapitalforvaltning AB acquired a new stake in shares of Empire State Realty Trust during the fourth quarter worth $208,000. Finally, Brown Advisory Inc. acquired a new stake in shares of Empire State Realty Trust during the first quarter worth $177,000. Institutional investors and hedge funds own 74.09% of the company’s stock.

Empire State Realty Trust traded down $0.12, reaching $16.98, during trading on Tuesday, according to MarketBeat Ratings. The company’s stock had a trading volume of 904,075 shares, compared to its average volume of 1,176,292. The company has a quick ratio of 9.00, a current ratio of 7.10 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $2.87 billion, a P/E ratio of 17.69, a P/E/G ratio of 4.82 and a beta of 0.90. Empire State Realty Trust has a 12 month low of $15.94 and a 12 month high of $21.09.

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.

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