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

Empire State Realty Trust, Inc. (NYSE:ESRT)’s share price gapped down before the market opened on Tuesday following a weaker than expected 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 traded.

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

Empire State Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 1.28%. The ex-dividend date was Monday, September 16th. Empire State Realty Trust’s payout ratio is 46.67%.

Wall Street Analyst Weigh In

ESRT has been the subject of several recent analyst reports. StockNews.com downgraded Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Friday, July 26th. Wells Fargo & Company increased their price objective 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 increased their price objective on Empire State Realty Trust from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, July 19th.

Hedge Funds Weigh In On Empire State Realty Trust

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Lighthouse Investment Partners LLC acquired a new position in Empire State Realty Trust in the second quarter valued at approximately $7,926,000. Vanguard Group Inc. lifted its stake in Empire State Realty Trust by 0.9% in the first quarter. Vanguard Group Inc. now owns 19,287,935 shares of the real estate investment trust’s stock valued at $195,387,000 after buying an additional 175,718 shares during the period. 1832 Asset Management L.P. acquired a new position in Empire State Realty Trust in the second quarter valued at approximately $4,573,000. Jupiter Asset Management Ltd. acquired a new position in Empire State Realty Trust in the first quarter valued at approximately $2,896,000. Finally, ProShare Advisors LLC lifted its stake in Empire State Realty Trust by 8.5% in the first 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 period. 67.10% of the stock is owned by institutional investors and hedge funds.

Empire State Realty Trust Stock Performance

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

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.