Empire State Realty Trust Inc (ESRT) Expected to Announce Earnings of $0.23 Per Share

Brokerages predict that Empire State Realty Trust Inc (NYSE:ESRT) will post $0.23 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Empire State Realty Trust’s earnings. The lowest EPS estimate is $0.23 and the highest is $0.24. Empire State Realty Trust posted earnings of $0.24 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 4.2%. The company is scheduled to issue its next quarterly earnings report on Wednesday, July 24th.

According to Zacks, analysts expect that Empire State Realty Trust will report full-year earnings of $0.89 per share for the current fiscal year, with EPS estimates ranging from $0.87 to $0.91. For the next fiscal year, analysts forecast that the company will post earnings of $0.95 per share, with EPS estimates ranging from $0.93 to $0.96. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Empire State Realty Trust.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The business had revenue of $143.40 million for the quarter, compared to analyst estimates of $123.77 million. Empire State Realty Trust had a return on equity of 3.81% and a net margin of 10.32%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.20 EPS.

Several equities research analysts have recently commented on ESRT shares. Zacks Investment Research lowered Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, February 13th. Citigroup initiated coverage on Empire State Realty Trust in a research report on Thursday, February 28th. They set a “neutral” rating and a $17.00 price objective for the company. Finally, ValuEngine upgraded Empire State Realty Trust from a “sell” rating to a “hold” rating in a research report on Thursday, March 7th. Five research analysts have rated the stock with a hold rating, Empire State Realty Trust presently has a consensus rating of “Hold” and a consensus price target of $19.25.

Shares of NYSE:ESRT traded up $0.16 during trading on Wednesday, hitting $15.56. 553,525 shares of the stock were exchanged, compared to its average volume of 1,065,254. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 5.71 and a beta of 0.90. The company has a debt-to-equity ratio of 0.99, a current ratio of 6.90 and a quick ratio of 6.90. Empire State Realty Trust has a 12-month low of $13.66 and a 12-month high of $17.86.

Several institutional investors have recently modified their holdings of ESRT. JPMorgan Chase & Co. raised its position in shares of Empire State Realty Trust by 17.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,723,864 shares of the real estate investment trust’s stock worth $45,243,000 after purchasing an additional 411,775 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Empire State Realty Trust by 23.6% during the 3rd quarter. Teachers Advisors LLC now owns 203,648 shares of the real estate investment trust’s stock worth $3,383,000 after purchasing an additional 38,906 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Empire State Realty Trust by 28.0% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 410,221 shares of the real estate investment trust’s stock worth $6,814,000 after purchasing an additional 89,721 shares during the last quarter. Legal & General Group Plc raised its position in shares of Empire State Realty Trust by 4.8% during the 3rd quarter. Legal & General Group Plc now owns 1,313,351 shares of the real estate investment trust’s stock worth $21,815,000 after purchasing an additional 59,704 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Empire State Realty Trust by 50.8% during the 3rd quarter. Morgan Stanley now owns 868,697 shares of the real estate investment trust’s stock worth $14,429,000 after purchasing an additional 292,795 shares during the last quarter. Hedge funds and other institutional investors own 75.43% 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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