Empire State Realty Trust (NYSE:ESRT) Shares Gap Down on Disappointing Earnings

Empire State Realty Trust, Inc. (NYSE:ESRT) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $11.21, but opened at $10.76. Empire State Realty Trust shares last traded at $11.45, with a volume of 110,465 shares.

The real estate investment trust reported $0.08 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.16). Empire State Realty Trust had a net margin of 5.89% and a return on equity of 2.57%. The firm had revenue of $199.60 million for the quarter. During the same period last year, the company posted $0.25 EPS.

Empire State Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.035 per share. The ex-dividend date was Monday, September 16th. This represents a $0.14 annualized dividend and a yield of 1.28%. Empire State Realty Trust’s dividend payout ratio (DPR) is currently 46.67%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com cut Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Wells Fargo & Company boosted their price objective on Empire State Realty Trust from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 11th. Finally, BMO Capital Markets boosted their price objective on Empire State Realty Trust from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ESRT. Allspring Global Investments Holdings LLC purchased a new position in shares of Empire State Realty Trust during the 1st quarter valued at $143,000. BNP Paribas Financial Markets lifted its position in shares of Empire State Realty Trust by 33.5% during the 1st quarter. BNP Paribas Financial Markets now owns 71,950 shares of the real estate investment trust’s stock valued at $729,000 after buying an additional 18,075 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Empire State Realty Trust by 9.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 42,481 shares of the real estate investment trust’s stock valued at $430,000 after buying an additional 3,709 shares during the last quarter. Swiss National Bank lifted its position in shares of Empire State Realty Trust by 1.1% during the 1st quarter. Swiss National Bank now owns 271,100 shares of the real estate investment trust’s stock valued at $2,746,000 after buying an additional 2,900 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Empire State Realty Trust by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 23,747 shares of the real estate investment trust’s stock valued at $241,000 after buying an additional 1,868 shares during the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

Empire State Realty Trust Price Performance

The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.23. The business has a 50-day moving average price of $10.76 and a 200 day moving average price of $10.03. The stock has a market cap of $1.80 billion, a PE ratio of 36.33 and a beta of 1.40.

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.