Empire State Realty Trust (NYSE:ESRT) Issues Quarterly Earnings Results

Empire State Realty Trust (NYSE:ESRT) announced its quarterly earnings results on Monday. The real estate investment trust reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.16), Yahoo Finance reports. The company had revenue of $199.60 million for the quarter. Empire State Realty Trust had a return on equity of 2.57% and a net margin of 5.89%. During the same quarter in the prior year, the company earned $0.25 earnings per share. Empire State Realty Trust updated its FY 2024 guidance to 0.920-0.940 EPS.

Empire State Realty Trust Trading Down 2.5 %

Shares of NYSE:ESRT opened at $10.90 on Thursday. The business’s 50 day moving average price is $10.76 and its 200-day moving average price is $10.03. Empire State Realty Trust has a 1 year low of $7.34 and a 1 year high of $11.62. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 36.33 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.

Empire State Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date was Monday, September 16th. Empire State Realty Trust’s dividend payout ratio (DPR) is presently 46.67%.

Analysts Set New Price Targets

Several analysts recently commented on the company. BMO Capital Markets raised their target price on Empire State Realty Trust from $11.00 to $12.00 and gave the stock 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 note 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 research note on Wednesday, September 11th.

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.