Empire State Realty Trust (NYSE:ESRT) Shares Gap Down Following Weak Earnings

Shares of Empire State Realty Trust, Inc. (NYSE:ESRT) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. 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 trading 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 return on equity of 2.57% and a net margin of 5.89%. The business had revenue of $199.60 million for the quarter. During the same quarter in the prior year, the firm earned $0.25 earnings per share.

Empire State Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 1.25%. The ex-dividend date was Monday, September 16th. Empire State Realty Trust’s payout ratio is currently 46.67%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ESRT shares. Wells Fargo & Company boosted their price objective on shares of Empire State Realty Trust from $7.00 to $10.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 11th. BMO Capital Markets lifted their target price on shares of Empire State Realty Trust from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, StockNews.com cut shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Friday, July 26th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Signaturefd LLC raised its holdings 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 purchasing an additional 1,524 shares during the last quarter. Creative Planning raised its holdings in shares of Empire State Realty Trust by 20.5% during the third quarter. Creative Planning now owns 12,598 shares of the real estate investment trust’s stock valued at $140,000 after purchasing an additional 2,145 shares during the last quarter. Perpetual Ltd purchased a new position in shares of Empire State Realty Trust during the third quarter valued at approximately $432,000. Handelsbanken Fonder AB raised its holdings in shares of Empire State Realty Trust by 43.7% during the third quarter. Handelsbanken Fonder AB now owns 62,118 shares of the real estate investment trust’s stock valued at $688,000 after purchasing an additional 18,900 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Empire State Realty Trust during the third quarter valued at approximately $300,000. 67.10% of the stock is owned by hedge funds and other institutional investors.

Empire State Realty Trust Price Performance

The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.23. The firm’s fifty day moving average price is $10.75 and its two-hundred day moving average price is $10.02. The stock has a market capitalization of $1.84 billion, a PE ratio of 37.27 and a beta of 1.40.

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.