Empire State Realty Trust (ESRT) Rating Increased to Buy 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 to clients and investors on Thursday. The brokerage currently has a $18.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.01% from the stock’s current price.

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. “

Several other brokerages have also recently issued reports on ESRT. ValuEngine raised Empire State Realty Trust from a “sell” rating to a “hold” rating in a research report on Thursday, March 7th. Citigroup began coverage on Empire State Realty Trust in a research report on Thursday, February 28th. They set a “neutral” rating and a $17.00 target price on the stock. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Empire State Realty Trust presently has an average rating of “Hold” and an average target price of $19.40.



Shares of NYSE ESRT traded down $0.07 during midday trading on Thursday, hitting $16.07. 1,447,080 shares of the stock traded hands, compared to its average volume of 1,204,230. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 6.41 and a beta of 0.92. Empire State Realty Trust has a one year low of $13.66 and a one year high of $17.86. The company has a quick ratio of 6.90, a current ratio of 6.90 and a debt-to-equity ratio of 0.96.

Empire State Realty Trust (NYSE:ESRT) last released its quarterly earnings data on Wednesday, February 20th. The real estate investment trust reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.06. The firm had revenue of $123.26 million during the quarter, compared to the consensus estimate of $123.75 million. Empire State Realty Trust had a return on equity of 4.01% and a net margin of 10.86%. The company’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 earnings per share. On average, equities research analysts anticipate that Empire State Realty Trust will post 0.88 earnings per share for the current year.

Several large investors have recently made changes to their positions in the stock. American Century Companies Inc. boosted its position in shares of Empire State Realty Trust by 19.2% during the fourth quarter. American Century Companies Inc. now owns 3,073,729 shares of the real estate investment trust’s stock valued at $43,739,000 after buying an additional 495,046 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Empire State Realty Trust by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 1,379,817 shares of the real estate investment trust’s stock valued at $19,634,000 after buying an additional 105,149 shares during the last quarter. Norges Bank purchased a new position in Empire State Realty Trust in the fourth quarter worth $25,447,000. FMR LLC boosted its position in Empire State Realty Trust by 1.6% in the fourth quarter. FMR LLC now owns 1,831,517 shares of the real estate investment trust’s stock worth $26,062,000 after purchasing an additional 28,311 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Empire State Realty Trust by 3.0% in the fourth quarter. Legal & General Group Plc now owns 1,352,250 shares of the real estate investment trust’s stock worth $19,242,000 after purchasing an additional 38,899 shares during the last quarter. 75.63% of the stock is currently owned by institutional investors.

Empire State Realty Trust Company Profile

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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