Empire State Realty Trust (NYSE:ESRT) Issues Earnings Results, Misses Expectations By $0.16 EPS

Empire State Realty Trust (NYSE:ESRT) issued its earnings results on Monday. The real estate investment trust reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16), Yahoo Finance reports. Empire State Realty Trust had a return on equity of 2.57% and a net margin of 5.89%. The company had revenue of $199.60 million for the quarter. During the same quarter in the prior year, the business posted $0.25 EPS. Empire State Realty Trust updated its FY 2024 guidance to 0.920-0.940 EPS.

Empire State Realty Trust Stock Down 2.5 %

ESRT stock traded down $0.28 during mid-day trading on Wednesday, reaching $10.90. The company had a trading volume of 2,307,875 shares, compared to its average volume of 1,129,148. Empire State Realty Trust has a 52 week low of $7.34 and a 52 week high of $11.62. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a 50 day simple moving average of $10.75 and a two-hundred day simple moving average of $10.02. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 36.33 and a beta of 1.40.

Empire State Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.035 per share. The ex-dividend date of this dividend 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 presently 46.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. StockNews.com cut shares of 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 target on Empire State Realty Trust from $7.00 to $10.00 and gave the company an “underweight” rating in a report on Wednesday, September 11th. Finally, BMO Capital Markets upped 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.

About Empire State Realty Trust

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.