Empire State Realty Trust Inc to Post FY2019 Earnings of $0.89 Per Share, KeyCorp Forecasts (ESRT)

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Empire State Realty Trust Inc (NYSE:ESRT) – Equities research analysts at KeyCorp lifted their FY2019 earnings estimates for Empire State Realty Trust in a research note issued on Tuesday, April 23rd. KeyCorp analyst C. Mailman now forecasts that the real estate investment trust will earn $0.89 per share for the year, up from their previous forecast of $0.88. KeyCorp also issued estimates for Empire State Realty Trust’s FY2020 earnings at $0.96 EPS.

Empire State Realty Trust (NYSE:ESRT) last issued its earnings results on Wednesday, April 24th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. Empire State Realty Trust had a net margin of 10.86% and a return on equity of 4.01%. The firm had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $123.77 million. During the same quarter last year, the company posted $0.20 earnings per share. Empire State Realty Trust’s revenue was up 17.3% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on ESRT. Zacks Investment Research raised shares of Empire State Realty Trust from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Wednesday. ValuEngine cut shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Friday, February 22nd. Finally, Citigroup started coverage on shares of Empire State Realty Trust in a research note on Thursday, February 28th. They issued a “neutral” rating and a $17.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $19.25.

Shares of NYSE ESRT opened at $15.37 on Wednesday. The company has a current ratio of 6.90, a quick ratio of 6.90 and a debt-to-equity ratio of 0.96. Empire State Realty Trust has a 52-week low of $13.66 and a 52-week high of $17.86. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 5.99 and a beta of 0.93.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.105 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.73%. Empire State Realty Trust’s dividend payout ratio is presently 42.86%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System increased its stake in shares of Empire State Realty Trust by 2.8% during the fourth quarter. California State Teachers Retirement System now owns 229,352 shares of the real estate investment trust’s stock valued at $3,264,000 after acquiring an additional 6,168 shares during the period. First Hawaiian Bank acquired a new position in shares of Empire State Realty Trust during the fourth quarter valued at approximately $102,000. Morgan Stanley increased its stake in shares of Empire State Realty Trust by 50.8% during the third quarter. Morgan Stanley now owns 868,697 shares of the real estate investment trust’s stock valued at $14,429,000 after acquiring an additional 292,795 shares during the period. Crestline Management LP increased its stake in shares of Empire State Realty Trust by 392.7% during the fourth quarter. Crestline Management LP now owns 302,965 shares of the real estate investment trust’s stock valued at $4,311,000 after acquiring an additional 241,477 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of Empire State Realty Trust by 473.3% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 61,728 shares of the real estate investment trust’s stock valued at $878,000 after acquiring an additional 50,960 shares during the period. Institutional investors and hedge funds own 75.73% of the company’s stock.

About Empire State Realty Trust

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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