Empire State Realty Trust (NYSE:ESRT) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Empire State Realty Trust (NYSE:ESRT) had its target price upped by BMO Capital Markets from $12.00 to $13.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company increased their price objective on shares of Empire State Realty Trust from $7.00 to $10.00 and gave the company an “underweight” rating in a research note on Wednesday, September 11th. StockNews.com cut shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 2nd.

Empire State Realty Trust Price Performance

NYSE:ESRT opened at $10.59 on Friday. The stock has a market cap of $1.76 billion, a P/E ratio of 39.22 and a beta of 1.40. Empire State Realty Trust has a one year low of $8.39 and a one year high of $11.62. The company has a fifty day moving average price of $10.87 and a 200 day moving average price of $10.21. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.72 and a quick ratio of 4.05.

Empire State Realty Trust (NYSE:ESRT) last released its earnings results on Monday, October 21st. The real estate investment trust reported $0.08 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.16). The company had revenue of $199.60 million for the quarter. Empire State Realty Trust had a net margin of 6.22% and a return on equity of 2.73%. During the same period in the prior year, the firm posted $0.25 EPS. Analysts anticipate that Empire State Realty Trust will post 0.93 earnings per share for the current year.

Hedge Funds Weigh In On Empire State Realty Trust

A number of hedge funds have recently made changes to their positions in ESRT. Arizona State Retirement System increased its position in shares of Empire State Realty Trust by 2.9% during the 2nd quarter. Arizona State Retirement System now owns 38,808 shares of the real estate investment trust’s stock worth $364,000 after purchasing an additional 1,083 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Empire State Realty Trust by 5.4% during the 2nd quarter. Van ECK Associates Corp now owns 23,718 shares of the real estate investment trust’s stock worth $222,000 after purchasing an additional 1,221 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Empire State Realty Trust by 4.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 28,391 shares of the real estate investment trust’s stock worth $315,000 after purchasing an additional 1,231 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Empire State Realty Trust by 35.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,412 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 1,419 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Empire State Realty Trust by 0.4% during the 2nd quarter. Federated Hermes Inc. now owns 343,637 shares of the real estate investment trust’s stock worth $3,223,000 after purchasing an additional 1,428 shares in the last quarter. Institutional investors and hedge funds own 67.10% of the company’s stock.

About Empire State Realty Trust

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.