Empire State Realty Trust Inc (NYSE:ESRT) Plans $0.11 Quarterly Dividend

Empire State Realty Trust Inc (NYSE:ESRT) announced a quarterly dividend on Friday, August 9th, Zacks reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.105 per share by the real estate investment trust on Monday, September 30th. This represents a $0.42 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Friday, September 13th.

Empire State Realty Trust has raised its dividend by an average of 7.3% annually over the last three years. Empire State Realty Trust has a payout ratio of 47.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Empire State Realty Trust to earn $0.90 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 46.7%.

Shares of ESRT traded up $0.15 during midday trading on Wednesday, reaching $14.90. 54,262 shares of the stock were exchanged, compared to its average volume of 1,411,731. The company has a market capitalization of $2.62 billion, a P/E ratio of 15.20, a PEG ratio of 6.47 and a beta of 0.75. The company has a current ratio of 6.10, a quick ratio of 6.10 and a debt-to-equity ratio of 1.00. Empire State Realty Trust has a 52 week low of $12.77 and a 52 week high of $17.46. The company’s 50 day moving average is $13.71 and its two-hundred day moving average is $15.03.

Empire State Realty Trust (NYSE:ESRT) last released its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.01). The business had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $133.31 million. Empire State Realty Trust had a return on equity of 3.26% and a net margin of 8.81%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. On average, sell-side analysts expect that Empire State Realty Trust will post 0.86 EPS for the current year.

Several equities analysts recently issued reports on ESRT shares. ValuEngine lowered shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. BMO Capital Markets lowered shares of Empire State Realty Trust from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $19.00 to $15.00 in a research report on Friday, September 6th. Zacks Investment Research cut shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Thursday, July 25th. Finally, Citigroup dropped their target price on shares of Empire State Realty Trust from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th.

Empire State Realty Trust Company Profile

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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Dividend History for Empire State Realty Trust (NYSE:ESRT)

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