Empire State Realty Trust (NYSE:ESRT) Upgraded at Zacks Investment Research

Empire State Realty Trust (NYSE:ESRT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $15.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 7.99% from the company’s previous close.

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. “

A number of other research analysts have also commented on ESRT. Goldman Sachs Group started coverage on Empire State Realty Trust in a research report on Friday, November 8th. They set a “neutral” rating and a $15.00 price target for the company. BMO Capital Markets lowered Empire State Realty Trust from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $19.00 to $15.00 in a research report on Friday, September 6th. Citigroup cut their price objective on Empire State Realty Trust from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Finally, ValuEngine raised Empire State Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Empire State Realty Trust has a consensus rating of “Hold” and an average price target of $15.00.

Shares of ESRT stock traded up $0.12 during mid-day trading on Tuesday, reaching $13.89. The stock had a trading volume of 1,334,800 shares, compared to its average volume of 1,124,292. The firm has a market capitalization of $2.51 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 4.03 and a beta of 0.69. The stock’s 50-day moving average price is $14.21 and its two-hundred day moving average price is $14.42. 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 has a 52-week low of $12.77 and a 52-week high of $16.47.

Empire State Realty Trust (NYSE:ESRT) last posted its 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 firm had revenue of $150.23 million for the quarter, compared to analysts’ expectations of $125.22 million. Empire State Realty Trust had a return on equity of 3.26% and a net margin of 8.70%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 earnings per share. On average, equities research analysts forecast that Empire State Realty Trust will post 0.87 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in shares of Empire State Realty Trust by 1,129.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,751,991 shares of the real estate investment trust’s stock worth $40,096,000 after acquiring an additional 2,528,073 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Empire State Realty Trust by 8,387.0% in the second quarter. Nuveen Asset Management LLC now owns 2,036,879 shares of the real estate investment trust’s stock worth $30,165,000 after purchasing an additional 2,012,879 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Empire State Realty Trust by 200.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,827,745 shares of the real estate investment trust’s stock worth $27,069,000 after purchasing an additional 1,219,607 shares during the period. Bank of New York Mellon Corp raised its holdings in Empire State Realty Trust by 66.9% in the second quarter. Bank of New York Mellon Corp now owns 3,042,233 shares of the real estate investment trust’s stock worth $45,056,000 after purchasing an additional 1,219,476 shares in the last quarter. Finally, Cohen & Steers Inc. raised its holdings in Empire State Realty Trust by 8.0% in the second quarter. Cohen & Steers Inc. now owns 10,983,972 shares of the real estate investment trust’s stock worth $162,673,000 after purchasing an additional 816,573 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

About Empire State Realty Trust

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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