Zacks Investment Research Downgrades Empire State Realty Trust (NYSE: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 note issued to investors on Wednesday, Zacks.com reports.

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 equities analysts have also issued research reports about the stock. BMO Capital Markets lowered shares of Empire State Realty Trust from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $19.00 to $15.00 in a report on Friday, September 6th. Citigroup decreased their price target on shares of Empire State Realty Trust from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Goldman Sachs Group began coverage on shares of Empire State Realty Trust in a report on Friday, November 8th. They issued a “neutral” rating and a $15.00 price target on the stock. Finally, ValuEngine upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and an average target price of $15.00.

Shares of ESRT traded up $0.06 during mid-day trading on Wednesday, reaching $13.95. The company had a trading volume of 1,092,200 shares, compared to its average volume of 1,124,155. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 4.03 and a beta of 0.69. The firm has a fifty day simple moving average of $14.21 and a 200-day simple moving average of $14.41. Empire State Realty Trust has a fifty-two week low of $12.77 and a fifty-two week high of $16.47. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 0.88.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.14). The company had revenue of $150.23 million during the quarter, compared to analyst estimates of $125.22 million. Empire State Realty Trust had a net margin of 8.70% and a return on equity of 3.26%. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.25 EPS. As a group, equities analysts predict that Empire State Realty Trust will post 0.87 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of ESRT. Marshall Wace North America L.P. acquired a new position in shares of Empire State Realty Trust during the 1st quarter valued at $67,000. FMR LLC lifted its holdings in shares of Empire State Realty Trust by 4.7% during the 1st quarter. FMR LLC now owns 1,918,406 shares of the real estate investment trust’s stock valued at $30,311,000 after acquiring an additional 86,889 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Empire State Realty Trust by 7.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 23,900 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 1,700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Empire State Realty Trust by 82.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 165,154 shares of the real estate investment trust’s stock valued at $2,446,000 after acquiring an additional 74,742 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Empire State Realty Trust during the 2nd quarter valued at $398,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

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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