Empire State Realty Trust (NYSE:ESRT) Shares Up 11.7%

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Empire State Realty Trust Inc (NYSE:ESRT) shares shot up 11.7% on Wednesday . The company traded as high as $8.33 and last traded at $9.24, 638,638 shares were traded during trading. A decline of 73% from the average session volume of 2,375,512 shares. The stock had previously closed at $8.27.

A number of brokerages recently weighed in on ESRT. Stifel Nicolaus decreased their price objective on shares of Empire State Realty Trust from $14.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, March 18th. Zacks Investment Research lowered shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, BMO Capital Markets lowered shares of Empire State Realty Trust from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $14.00 to $9.00 in a report on Thursday, March 12th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The company presently has an average rating of “Hold” and an average target price of $13.00.

The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.60 and a current ratio of 3.60. The firm has a market cap of $1.62 billion, a P/E ratio of 35.00, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86. The firm’s fifty day moving average price is $11.63 and its 200 day moving average price is $13.43.

Empire State Realty Trust (NYSE:ESRT) last posted its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.09 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.14). Empire State Realty Trust had a net margin of 8.04% and a return on equity of 3.01%. The business had revenue of $151.70 million during the quarter, compared to the consensus estimate of $129.09 million. During the same quarter in the prior year, the firm posted $0.29 EPS. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, analysts expect that Empire State Realty Trust Inc will post 0.75 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a $0.105 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.42 annualized dividend and a dividend yield of 4.80%. Empire State Realty Trust’s dividend payout ratio is currently 46.67%.

Several large investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Empire State Realty Trust in the 4th quarter valued at about $26,555,000. Geode Capital Management LLC grew its position in shares of Empire State Realty Trust by 9.4% in the 4th quarter. Geode Capital Management LLC now owns 2,280,089 shares of the real estate investment trust’s stock worth $31,830,000 after buying an additional 195,618 shares during the last quarter. Man Group plc grew its position in shares of Empire State Realty Trust by 3.5% in the 4th quarter. Man Group plc now owns 819,057 shares of the real estate investment trust’s stock worth $11,434,000 after buying an additional 27,800 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Empire State Realty Trust in the 4th quarter worth approximately $62,000. Finally, Advisors Asset Management Inc. purchased a new position in shares of Empire State Realty Trust in the 4th quarter worth approximately $404,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

Empire State Realty Trust Company Profile (NYSE:ESRT)

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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