Zacks Investment Research Downgrades Empire State Realty Trust (ESRT) to Hold

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Empire State Realty Trust (NYSE:ESRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

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. “

Other analysts have also recently issued reports about the stock. ValuEngine raised shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, December 1st. Citigroup began coverage on shares of Empire State Realty Trust in a report on Thursday, February 28th. They issued a “neutral” rating and a $17.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, Empire State Realty Trust currently has an average rating of “Hold” and an average price target of $19.50.

Shares of NYSE:ESRT traded down $0.12 on Monday, reaching $15.66. 584,300 shares of the company’s stock were exchanged, compared to its average volume of 1,177,249. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 6.27 and a beta of 0.92. Empire State Realty Trust has a fifty-two week low of $13.66 and a fifty-two week high of $17.86. The company has a debt-to-equity ratio of 0.96, a quick ratio of 6.90 and a current ratio of 6.90.

Empire State Realty Trust (NYSE:ESRT) last issued its earnings results on Wednesday, February 20th. The real estate investment trust reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.06. The company had revenue of $123.26 million for the quarter, compared to analysts’ expectations of $123.75 million. Empire State Realty Trust had a net margin of 10.86% and a return on equity of 4.01%. The firm’s revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 earnings per share. Sell-side analysts expect that Empire State Realty Trust will post 0.89 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Pearl River Capital LLC acquired a new stake in shares of Empire State Realty Trust in the 4th quarter worth about $25,000. Quantamental Technologies LLC acquired a new stake in shares of Empire State Realty Trust in the 4th quarter worth about $42,000. First Hawaiian Bank acquired a new stake in shares of Empire State Realty Trust in the 4th quarter worth about $102,000. Advisor Group Inc. increased its holdings in shares of Empire State Realty Trust by 6.1% in the 4th quarter. Advisor Group Inc. now owns 12,547 shares of the real estate investment trust’s stock worth $179,000 after acquiring an additional 722 shares during the period. Finally, First Mercantile Trust Co. increased its holdings in shares of Empire State Realty Trust by 4.7% in the 4th quarter. First Mercantile Trust Co. now owns 15,194 shares of the real estate investment trust’s stock worth $216,000 after acquiring an additional 680 shares during the period. 75.73% of the stock is currently owned by institutional investors and hedge funds.

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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