Empire State Realty Trust Inc (NYSE:ESRT) declared a quarterly dividend on Monday, August 13th, Wall Street Journal reports. Shareholders of record on Friday, September 14th will be given a dividend of 0.105 per share by the real estate investment trust on Friday, September 28th. This represents a $0.42 annualized dividend and a yield of 2.43%. The ex-dividend date is Thursday, September 13th.
Empire State Realty Trust has increased its dividend by an average of 7.3% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Empire State Realty Trust has a payout ratio of 47.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Empire State Realty Trust to earn $0.89 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 47.2%.
ESRT opened at $17.28 on Friday. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 4.95 and a beta of 0.91. Empire State Realty Trust has a 52 week low of $15.94 and a 52 week high of $21.09. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.97.
Empire State Realty Trust (NYSE:ESRT) last released its quarterly earnings data on Wednesday, July 25th. The real estate investment trust reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $124.04 million for the quarter, compared to the consensus estimate of $122.58 million. Empire State Realty Trust had a return on equity of 4.62% and a net margin of 12.72%. Empire State Realty Trust’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. equities research analysts forecast that Empire State Realty Trust will post 0.89 EPS for the current fiscal year.
In related news, CFO David A. Karp bought 4,500 shares of the company’s stock in a transaction on Monday, July 30th. The shares were acquired at an average price of $16.19 per share, with a total value of $72,855.00. Following the transaction, the chief financial officer now owns 5,500 shares of the company’s stock, valued at $89,045. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.50% of the stock is currently owned by company insiders.
ESRT has been the topic of several research reports. BTIG Research downgraded Empire State Realty Trust from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a report on Tuesday, July 31st. Zacks Investment Research upgraded Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Monday, July 30th. Evercore ISI downgraded Empire State Realty Trust from an “outperform” rating to an “inline” rating in a report on Monday, June 11th. Finally, Bank of America downgraded Empire State Realty Trust from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a report on Tuesday, August 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $20.86.
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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