Empire State Realty Trust Inc (NYSE:ESRT) declared a quarterly dividend on Monday, November 27th, Wall Street Journal reports. Shareholders of record on Friday, December 15th will be paid a dividend of 0.105 per share by the real estate investment trust on Friday, December 29th. This represents a $0.42 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Thursday, December 14th.
Empire State Realty Trust has raised its dividend by an average of 71.4% annually over the last three years. Empire State Realty Trust has a payout ratio of 43.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Empire State Realty Trust to earn $1.04 per share next year, which means the company should continue to be able to cover its $0.42 annual dividend with an expected future payout ratio of 40.4%.
Shares of Empire State Realty Trust (NYSE:ESRT) traded up $0.11 during mid-day trading on Monday, reaching $20.66. The company’s stock had a trading volume of 659,635 shares, compared to its average volume of 871,862. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.93 and a current ratio of 4.93. Empire State Realty Trust has a 12 month low of $19.44 and a 12 month high of $21.98. The firm has a market cap of $3,259.56, a price-to-earnings ratio of 21.19, a P/E/G ratio of 5.16 and a beta of 0.99.
Empire State Realty Trust (NYSE:ESRT) last issued its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). Empire State Realty Trust had a return on equity of 6.54% and a net margin of 18.95%. The firm had revenue of $122.39 million during the quarter, compared to analyst estimates of $122.22 million. During the same period in the previous year, the company earned $0.26 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. sell-side analysts forecast that Empire State Realty Trust will post 0.95 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Empire State Realty Trust stock. The Manufacturers Life Insurance Company raised its holdings in Empire State Realty Trust Inc (NYSE:ESRT) by 9.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,571 shares of the real estate investment trust’s stock after buying an additional 479 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Empire State Realty Trust were worth $116,000 at the end of the most recent quarter. 81.60% of the stock is owned by institutional investors.
A number of research analysts have recently commented on the company. BidaskClub raised Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. TheStreet lowered Empire State Realty Trust from a “b” rating to a “c+” rating in a report on Thursday, November 16th. Zacks Investment Research lowered Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Finally, BMO Capital Markets reissued a “buy” rating and set a $23.00 price objective on shares of Empire State Realty Trust in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $22.00.
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Empire State Realty Trust Company Profile
Empire State Realty Trust, Inc is a real estate investment trust. The Company 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 Company operates through two segments: Real Estate and Observatory.
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