Zacks Investment Research cut shares of Empire State Realty Trust, Inc. (NYSE:ESRT) from a hold rating to a sell rating in a research report released on Tuesday.

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. “

ESRT has been the topic of several other reports. Evercore ISI started coverage on Empire State Realty Trust in a research report on Wednesday, May 31st. They set an in-line rating and a $23.00 price target on the stock. BidaskClub upgraded Empire State Realty Trust from a sell rating to a hold rating in a research note on Wednesday, August 2nd. BMO Capital Markets set a $23.00 price objective on Empire State Realty Trust and gave the stock a buy rating in a research note on Wednesday, May 31st. Finally, Goldman Sachs Group, Inc. (The) restated a neutral rating and set a $21.00 price objective on shares of Empire State Realty Trust in a research note on Thursday, June 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Empire State Realty Trust currently has a consensus rating of Hold and an average target price of $21.75.

Empire State Realty Trust (NYSE:ESRT) traded up 0.64% during trading on Tuesday, reaching $20.54. 701,282 shares of the company were exchanged. The firm’s 50 day moving average is $20.54 and its 200 day moving average is $20.77. Empire State Realty Trust has a 52-week low of $18.62 and a 52-week high of $21.98. The stock has a market capitalization of $3.26 billion, a PE ratio of 52.40 and a beta of 1.01.

Empire State Realty Trust (NYSE:ESRT) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The business had revenue of $120.80 million for the quarter, compared to analyst estimates of $118.81 million. Empire State Realty Trust had a return on equity of 3.85% and a net margin of 11.67%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. Analysts expect that Empire State Realty Trust will post $0.92 EPS for the current year.

WARNING: This piece was first published by Watch List News and is the property of of Watch List News. If you are reading this piece on another domain, it was copied illegally and reposted in violation of United States & international copyright and trademark laws. The legal version of this piece can be accessed at https://www.watchlistnews.com/empire-state-realty-trust-inc-esrt-cut-to-sell-at-zacks-investment-research/1598772.html.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a dividend of $0.105 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.42 dividend on an annualized basis and a yield of 2.04%. Empire State Realty Trust’s payout ratio is currently 107.70%.

A number of institutional investors and hedge funds have recently modified their holdings of ESRT. Nationwide Fund Advisors grew its stake in Empire State Realty Trust by 26.0% during the 1st quarter. Nationwide Fund Advisors now owns 84,555 shares of the real estate investment trust’s stock worth $1,745,000 after buying an additional 17,444 shares during the last quarter. Advisors Asset Management Inc. bought a new position in Empire State Realty Trust during the 1st quarter worth $122,000. US Bancorp DE grew its stake in Empire State Realty Trust by 41.3% during the 1st quarter. US Bancorp DE now owns 28,866 shares of the real estate investment trust’s stock worth $596,000 after buying an additional 8,441 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Empire State Realty Trust by 225.1% during the 1st quarter. Bank of New York Mellon Corp now owns 2,106,742 shares of the real estate investment trust’s stock worth $43,484,000 after buying an additional 1,458,678 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Empire State Realty Trust by 8.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,318 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 569 shares during the last quarter. Hedge funds and other institutional investors own 83.50% of the company’s stock.

About Empire State Realty Trust

Empire State Realty Trust, Inc is a real estate investment trust. The Company 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 Company operates through two segments: Real Estate and Observatory.

Get a free copy of the Zacks research report on Empire State Realty Trust (ESRT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Empire State Realty Trust Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Empire State Realty Trust Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.