Empire State Realty Trust, Inc. (NYSE:ESRT) Announces $0.11 Quarterly Dividend
Empire State Realty Trust, Inc. (NYSE:ESRT) announced a quarterly dividend on Thursday, August 10th, Wall Street Journal reports. Investors of record on Friday, September 15th will be given a dividend of 0.105 per share by the real estate investment trust on Friday, September 29th. This represents a $0.42 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Thursday, September 14th.
Empire State Realty Trust has increased its dividend payment by an average of 71.4% annually over the last three years. Empire State Realty Trust has a payout ratio of 44.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Empire State Realty Trust to earn $1.05 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 40.0%.
Shares of Empire State Realty Trust (NYSE ESRT) opened at 20.47 on Friday. The company has a 50 day moving average price of $20.60 and a 200 day moving average price of $20.86. Empire State Realty Trust has a 12-month low of $18.62 and a 12-month high of $22.31. The company has a market capitalization of $3.25 billion, a P/E ratio of 52.22 and a beta of 1.01.
Empire State Realty Trust (NYSE:ESRT) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. Empire State Realty Trust had a return on equity of 3.85% and a net margin of 11.67%. The company had revenue of $120.80 million for the quarter, compared to analyst estimates of $118.81 million. During the same quarter last year, the company earned $0.24 EPS. Empire State Realty Trust’s revenue for the quarter was up 7.3% compared to the same quarter last year. Equities analysts anticipate that Empire State Realty Trust will post $0.92 EPS for the current year.
ESRT has been the topic of several research analyst reports. TheStreet raised Empire State Realty Trust from a “c+” rating to a “b” rating in a research report on Thursday, April 27th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $21.00 target price on shares of Empire State Realty Trust in a research report on Thursday, June 22nd. BMO Capital Markets set a $23.00 target price on Empire State Realty Trust and gave the stock a “buy” rating in a research report on Wednesday, May 31st. Evercore ISI initiated coverage on Empire State Realty Trust in a research report on Wednesday, May 31st. They set an “in-line” rating and a $23.00 target price on the stock. Finally, BidaskClub lowered Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $22.20.
About Empire State Realty Trust
Empire State Realty Trust, Inc is a real estate investment trust. The Company 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 Company operates through two segments: Real Estate and Observatory.
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