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Why Empire State Realty Trust Inc. (NYSE: ESRT) Stock Shouldn’t Be Ignored In 2023

In the last trading session, 5.87 million shares of the Empire State Realty Trust Inc. (NYSE:ESRT) were traded, and its beta was 1.20. Most recently the company’s share price was $6.53, and it changed around $0.65 or 11.05% from the last close, which brings the market valuation of the company to $1.05B. ESRT currently trades at a discount to its 52-week high of $8.68, offering almost -32.92% off that amount. The share price’s 52-week low was $5.39, which indicates that the current value has risen by an impressive 17.46% since then. We note from Empire State Realty Trust Inc.’s average daily trading volume that its 10-day average is 1.54 million shares, with the 3-month average coming to 1.42 million.

Empire State Realty Trust Inc. stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.70. If we narrow it down even further, the data shows that 1 out of 7 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 3 recommended ESRT as a Hold, whereas 3 deemed it a Buy, and 0 rated it as Underweight. Empire State Realty Trust Inc. is expected to report earnings per share of $0 for the current quarter.

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Empire State Realty Trust Inc. (NYSE:ESRT) trade information

Instantly ESRT has showed a green trend with a performance of 11.05% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 6.59 on Tuesday, 05/23/23 increased the stock’s daily price by 0.91%. The company’s shares are currently down -3.12% year-to-date, but still up 18.73% over the last five days. On the other hand, Empire State Realty Trust Inc. (NYSE:ESRT) is 7.76% up in the 30-day period. We can see from the shorts that 15.08 million shares have been sold at a short interest cover period of 12.63 day(s).

The consensus price target as assigned by Wall Street analysts is $7.35, which translates to bulls needing to increase their stock price by 11.16% from its current value. Analyst projections state that ESRT is forecast to be at a low of $6.00 and a high of $8.50. In order for the stock price to hit the forecast high, the stock would need to plunge -30.17% from its current level, while the stock would need to crash 8.12% from its current level to reach the projected low.

Empire State Realty Trust Inc. (ESRT) estimates and forecasts

Empire State Realty Trust Inc. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -12.35 percent over the past six months and at a -7.78% annual growth rate that is well below the industry average of -5.60%. The year-over-year growth rate is expected to be 16.50%, up from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $181.27 million in revenue for the current quarter. 4 analysts expect Empire State Realty Trust Inc. to make $165.54 million in revenue for the quarter ending Mar 2023. The company’s sales for the same quarters a year ago were $160.33 million and $164.03 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 13.10%. Forecasts for the next quarter put sales growth at 0.90%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -11.00%. Empire State Realty Trust Inc. earnings are expected to increase by 454.70% in 2023, but the outlook is positive 1.80% per year for the next five years.

ESRT Dividends

Empire State Realty Trust Inc.’s next quarterly earnings report is expected to be released around July 25 and July 31. The annual dividend yield of the stock is 2.14 percent and its annual dividend per share was 0.14. It is important to note, however, that the 2.14% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Empire State Realty Trust Inc. (NYSE:ESRT)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.05% of Empire State Realty Trust Inc. shares, and 100.65% of them are in the hands of institutional investors. The stock currently has a share float of 100.70%. Empire State Realty Trust Inc. stock is held by 280 institutions, with Vanguard Group, Inc. (The) being the largest institutional investor. By Mar 30, 2023, it held 13.91% of the shares, which is about 22.17 million shares worth $143.86 million.

Blackrock Inc., with 8.81% or 14.04 million shares worth $91.14 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Longleaf Partners Small-Cap Fund and Vanguard Specialized-Real Estate Index Fund were the top two Mutual Funds as of Dec 30, 2022. The former held 8.26 million shares worth $55.7 million, making up 5.15% of all outstanding shares. On the other hand, Vanguard Specialized-Real Estate Index Fund held roughly 6.16 million shares worth around $51.35 million, which represents about 3.84% of the total shares outstanding.

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