Zacks Investment Research upgraded shares of Empire State Realty Trust, Inc. (NYSE:ESRT) from a sell rating to a hold rating in a research report sent to investors on Monday.

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 analysts also recently commented on ESRT. Goldman Sachs Group, Inc. (The) reaffirmed a neutral rating and set a $21.00 price target on shares of Empire State Realty Trust in a research report on Thursday, June 22nd. BidaskClub downgraded Empire State Realty Trust from a hold rating to a sell rating in a research report on Tuesday, July 25th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $21.75.

Shares of Empire State Realty Trust (ESRT) traded up 0.14% on Monday, hitting $20.99. The stock had a trading volume of 71,891 shares. Empire State Realty Trust has a 52 week low of $18.62 and a 52 week high of $21.98. The company has a 50-day moving average of $20.48 and a 200 day moving average of $20.75. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 53.55 and a beta of 1.01.

Empire State Realty Trust (NYSE:ESRT) last issued its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.01. The company had revenue of $120.80 million during the quarter, compared to the consensus estimate of $118.81 million. Empire State Realty Trust had a return on equity of 3.85% and a net margin of 11.67%. Empire State Realty Trust’s revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted $0.24 earnings per share. On average, equities research analysts predict that Empire State Realty Trust will post $0.92 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a dividend of $0.105 per share. This represents a $0.42 annualized dividend and a yield of 2.00%. The ex-dividend date was Thursday, September 14th. Empire State Realty Trust’s dividend payout ratio (DPR) is 107.70%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Empire State Realty Trust by 8.1% during the first quarter. Vanguard Group Inc. now owns 22,461,415 shares of the real estate investment trust’s stock valued at $463,603,000 after purchasing an additional 1,676,832 shares during the period. Daiwa Securities Group Inc. grew its holdings in Empire State Realty Trust by 19.5% during the second quarter. Daiwa Securities Group Inc. now owns 7,302,285 shares of the real estate investment trust’s stock valued at $151,669,000 after purchasing an additional 1,192,471 shares during the period. BlackRock Inc. grew its holdings in Empire State Realty Trust by 3.3% during the second quarter. BlackRock Inc. now owns 7,131,040 shares of the real estate investment trust’s stock valued at $148,111,000 after purchasing an additional 229,390 shares during the period. Alliancebernstein L.P. grew its holdings in Empire State Realty Trust by 4.7% during the second quarter. Alliancebernstein L.P. now owns 4,444,929 shares of the real estate investment trust’s stock valued at $92,321,000 after purchasing an additional 198,972 shares during the period. Finally, American Century Companies Inc. grew its holdings in Empire State Realty Trust by 11.0% during the second quarter. American Century Companies Inc. now owns 4,143,964 shares of the real estate investment trust’s stock valued at $86,070,000 after purchasing an additional 411,503 shares during the period. 83.67% of the stock is owned by institutional investors and hedge funds.

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.

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