Empire State Realty Trust (NYSE:ESRT) Given New $13.00 Price Target at BMO Capital Markets

Empire State Realty Trust (NYSE:ESRT) had its price objective raised by BMO Capital Markets from $12.00 to $13.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the company. StockNews.com cut Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 2nd. Wells Fargo & Company boosted their price objective on shares of Empire State Realty Trust from $7.00 to $10.00 and gave the company an “underweight” rating in a report on Wednesday, September 11th.

Empire State Realty Trust Price Performance

Shares of ESRT traded up $0.05 during trading hours on Friday, hitting $10.59. 1,215,676 shares of the stock were exchanged, compared to its average volume of 1,131,191. The stock’s 50-day moving average price is $10.87 and its two-hundred day moving average price is $10.20. Empire State Realty Trust has a 12-month low of $8.39 and a 12-month high of $11.62. The company has a debt-to-equity ratio of 1.23, a quick ratio of 4.05 and a current ratio of 3.72. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 39.26 and a beta of 1.40.

Empire State Realty Trust (NYSE:ESRT) last issued its earnings results on Monday, October 21st. The real estate investment trust reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16). Empire State Realty Trust had a return on equity of 2.73% and a net margin of 6.22%. The firm had revenue of $199.60 million for the quarter. During the same quarter in the previous year, the business earned $0.25 earnings per share. Research analysts expect that Empire State Realty Trust will post 0.93 earnings per share for the current year.

Institutional Trading of Empire State Realty Trust

Several hedge funds have recently made changes to their positions in ESRT. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Empire State Realty Trust during the third quarter worth $25,000. Signaturefd LLC grew its holdings in Empire State Realty Trust by 81.6% during the 3rd quarter. Signaturefd LLC now owns 3,391 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 1,524 shares in the last quarter. Loomis Sayles & Co. L P increased its position in shares of Empire State Realty Trust by 3,139.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 4,470 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 4,332 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Empire State Realty Trust by 35.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,412 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 1,419 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Empire State Realty Trust during the third quarter worth $115,000. Institutional investors and hedge funds own 67.10% of the company’s stock.

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.