Zacks Investment Research Downgrades Empire State Realty Trust (NYSE:ESRT) to Sell

Empire State Realty Trust (NYSE:ESRT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Empire State Realty Trust, Inc. is a real estate investment trust which owns, manages, operates, acquires and repositions office and retail properties primarily in Manhattan and New York metropolitan area. Empire State Realty Trust, Inc. is based in New York, United States. “

Other equities analysts have also recently issued reports about the stock. BMO Capital Markets cut shares of Empire State Realty Trust from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $14.00 to $9.00 in a research report on Thursday, March 12th. Stifel Nicolaus reduced their price objective on shares of Empire State Realty Trust from $14.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, March 18th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $13.00.

NYSE:ESRT traded up $0.48 during trading hours on Wednesday, reaching $8.75. 1,503,200 shares of the company were exchanged, compared to its average volume of 1,519,191. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.87. The stock’s 50-day moving average is $11.63 and its 200-day moving average is $13.43. The firm has a market cap of $1.53 billion, a PE ratio of 35.00, a price-to-earnings-growth ratio of 2.74 and a beta of 0.86. Empire State Realty Trust has a twelve month low of $6.92 and a twelve month high of $15.96.

Empire State Realty Trust (NYSE:ESRT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.14). The company had revenue of $151.70 million for the quarter, compared to analyst estimates of $129.09 million. Empire State Realty Trust had a return on equity of 3.01% and a net margin of 8.04%. The business’s revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.29 earnings per share. As a group, research analysts anticipate that Empire State Realty Trust will post 0.87 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of Empire State Realty Trust by 359.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,871 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 1,464 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Empire State Realty Trust in the first quarter valued at about $67,000. Point72 Hong Kong Ltd acquired a new stake in shares of Empire State Realty Trust in the fourth quarter valued at about $62,000. Paradigm Asset Management Co. LLC acquired a new stake in shares of Empire State Realty Trust in the fourth quarter valued at about $115,000. Finally, Blueshift Asset Management LLC acquired a new stake in shares of Empire State Realty Trust in the fourth quarter valued at about $142,000. Institutional investors and hedge funds own 78.01% 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.

Further Reading: Why does the United States have a lingering trade deficit?

Get a free copy of the Zacks research report on Empire State Realty Trust (ESRT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Empire State Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Empire State Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.