Empire State Realty Trust (NYSE:ESRT) Shares Gap Down on Disappointing Earnings

Empire State Realty Trust, Inc. (NYSE:ESRT) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.21, but opened at $10.76. Empire State Realty Trust shares last traded at $11.45, with a volume of 110,465 shares changing hands.

The real estate investment trust reported $0.08 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.16). Empire State Realty Trust had a net margin of 5.89% and a return on equity of 2.57%. The company had revenue of $199.60 million during the quarter. During the same period last year, the firm posted $0.25 earnings per share.

Empire State Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.035 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.14 annualized dividend and a yield of 1.22%. Empire State Realty Trust’s dividend payout ratio is presently 46.67%.

Analyst Upgrades and Downgrades

ESRT has been the topic of several analyst reports. BMO Capital Markets upped their target price on Empire State Realty Trust from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, July 19th. StockNews.com cut shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Finally, Wells Fargo & Company boosted their target price on shares of Empire State Realty Trust from $7.00 to $10.00 and gave the company an “underweight” rating in a report on Wednesday, September 11th.

Institutional Trading of Empire State Realty Trust

Several hedge funds have recently modified their holdings of the stock. Arizona State Retirement System raised its stake in 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 buying an additional 1,083 shares during the period. Van ECK Associates Corp boosted its stake in shares of Empire State Realty Trust by 5.4% in the 2nd quarter. Van ECK Associates Corp now owns 23,718 shares of the real estate investment trust’s stock worth $222,000 after buying an additional 1,221 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Empire State Realty Trust by 0.4% in the second quarter. Federated Hermes Inc. now owns 343,637 shares of the real estate investment trust’s stock valued at $3,223,000 after acquiring an additional 1,428 shares in the last quarter. Signaturefd LLC increased its position in shares of Empire State Realty Trust by 81.6% during the third quarter. Signaturefd LLC now owns 3,391 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 1,524 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Empire State Realty Trust by 8.5% during the first quarter. ProShare Advisors LLC now owns 23,747 shares of the real estate investment trust’s stock worth $241,000 after acquiring an additional 1,868 shares during the period. Institutional investors own 67.10% of the company’s stock.

Empire State Realty Trust Stock Up 2.0 %

The firm has a market capitalization of $1.89 billion, a P/E ratio of 38.17 and a beta of 1.40. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a fifty day moving average of $10.73 and a 200 day moving average of $10.01.

Empire State Realty Trust Company Profile

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.