Empire State Realty Trust (NYSE:ESRT) Shares Gap Down After Earnings Miss

Empire State Realty Trust, Inc. (NYSE:ESRT - Get Free Report) 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 earnings per share 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 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date was Monday, September 16th. Empire State Realty Trust's dividend payout ratio (DPR) is currently 46.67%.

Wall Street Analyst Weigh In

ESRT has been the subject of several research analyst reports. BMO Capital Markets boosted their price objective on shares of 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. StockNews.com lowered shares of Empire State Realty Trust from a "hold" rating to a "sell" rating in a report on Friday, July 26th. Finally, Wells Fargo & Company boosted their price target on shares of 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.

Institutional Trading of Empire State Realty Trust

Several large investors have recently made changes to their positions in ESRT. Signaturefd LLC raised its stake in Empire State Realty Trust by 81.6% during the third quarter. Signaturefd LLC now owns 3,391 shares of the real estate investment trust's stock worth $38,000 after buying an additional 1,524 shares during the last quarter. Creative Planning boosted its holdings in Empire State Realty Trust by 20.5% during the third quarter. Creative Planning now owns 12,598 shares of the real estate investment trust's stock worth $140,000 after purchasing an additional 2,145 shares during the last quarter. Perpetual Ltd purchased a new position in Empire State Realty Trust during the third quarter worth about $432,000. Handelsbanken Fonder AB raised its position in Empire State Realty Trust by 43.7% in the third quarter. Handelsbanken Fonder AB now owns 62,118 shares of the real estate investment trust's stock worth $688,000 after acquiring an additional 18,900 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Empire State Realty Trust in the third quarter worth about $300,000. Institutional investors and hedge funds own 67.10% of the company's stock.

Empire State Realty Trust Trading Down 0.3 %

The firm has a market cap of $1.84 billion, a P/E ratio of 37.27 and a beta of 1.40. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.23. The firm's 50-day simple moving average is $10.73 and its 200 day simple moving average is $10.01.

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.