StockNews.com Upgrades Empire State Realty Trust (NYSE:ESRT) to “Hold”

Empire State Realty Trust (NYSE:ESRT) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.

ESRT has been the topic of a number of other research reports. Wells Fargo & Company raised their price target on Empire State Realty Trust from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 11th. BMO Capital Markets raised 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.

Empire State Realty Trust Stock Up 0.4 %

Empire State Realty Trust stock opened at $10.90 on Friday. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 40.37 and a beta of 1.40. The company’s 50 day simple moving average is $10.79 and its 200 day simple moving average is $10.04. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.05 and a quick ratio of 4.05. Empire State Realty Trust has a fifty-two week low of $7.43 and a fifty-two week high of $11.62.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings results on Monday, October 21st. The real estate investment trust reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16). Empire State Realty Trust had a return on equity of 2.74% and a net margin of 6.22%. The firm had revenue of $199.60 million for the quarter. During the same quarter last year, the company posted $0.25 earnings per share. As a group, sell-side analysts anticipate that Empire State Realty Trust will post 0.93 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ESRT. Signaturefd LLC boosted its holdings in 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 worth $38,000 after purchasing an additional 1,524 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in 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 buying an additional 1,419 shares in the last quarter. Ballentine Partners LLC acquired a new position in shares of Empire State Realty Trust during the 3rd quarter worth about $129,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Empire State Realty Trust in the 2nd quarter valued at about $137,000. Finally, Creative Planning increased its position in shares of Empire State Realty Trust by 20.5% in the third quarter. Creative Planning now owns 12,598 shares of the real estate investment trust’s stock valued at $140,000 after acquiring an additional 2,145 shares during the last quarter. 67.10% of the stock is owned by institutional investors and hedge funds.

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.