Empire State Realty Trust (NYSE:ESRT) Updates FY 2024 Earnings Guidance

Empire State Realty Trust (NYSE:ESRT) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.900-0.940 for the period, compared to the consensus earnings per share estimate of 0.930. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. StockNews.com cut Empire State Realty Trust from a hold rating to a sell rating in a research report on Friday. BMO Capital Markets upped their target price on Empire State Realty Trust from $11.00 to $12.00 and gave the company an outperform rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $9.25.

Empire State Realty Trust Stock Performance

ESRT traded up $0.21 on Friday, hitting $10.75. 3,186,997 shares of the company traded hands, compared to its average volume of 1,124,859. The company has a 50 day moving average of $9.59 and a 200-day moving average of $9.67. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $1.77 billion, a PE ratio of 35.83, a PEG ratio of 6.44 and a beta of 1.40. Empire State Realty Trust has a 12-month low of $7.25 and a 12-month high of $11.20.

Empire State Realty Trust (NYSE:ESRT) last posted its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $0.10 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.14). The company had revenue of $189.54 million for the quarter. Empire State Realty Trust had a net margin of 5.89% and a return on equity of 2.57%. During the same period in the previous year, the company posted $0.26 earnings per share. Sell-side analysts anticipate that Empire State Realty Trust will post 0.93 earnings per share for the current year.

Empire State Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Friday, June 14th. Empire State Realty Trust’s dividend payout ratio (DPR) is 46.67%.

About Empire State Realty Trust

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.