Empire State Realty Trust Stock (NYSE: ESRT)

Empire State Realty Trust Stock (NYSE:ESRT), Trade Ideas

Empire State Realty Trust

Empire State Realty Trust operates as a pure-play greater New York and Manhattan-focused REIT, featuring its landmark Empire State Building office and observation deck. The company owns and operates around 9.4 million square feet of office space, about 80% of which is located in Manhattan.

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Is Donald Trump The Largest Property Owner In NYC?

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REIT

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3 REITs That Just Beat Analysts&#39; Estimates

Empire State Realty Trust, Inc. Class A Common Stock

Empire State Realty Trust Inc

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=Empire+State+Realty+Trust%2C+Inc.&amp;index=1&amp;md5=eb43ca18db4493a496e36f9092753be2">Empire State Realty Trust, Inc.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) announced today that it signed a new 11-year office lease with Sol de Janeiro USA – a luxury skincare and beauty brand – for 57,203 square feet at <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fproperties%2Foffice%2Fone-grand-central-place1%2F&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=One+Grand+Central+Place&amp;index=2&amp;md5=a1a08a7d68afa214881e21beb016b2f2">One Grand Central Place</a>. Sol de Janeiro is a subsidiary of French beauty brand L'Occitane, who recently signed a separate 9,497 square foot expansion and lease term extension on their existing 20,962 square foot space at ESRT's <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fproperties%2Foffice%2F111-west-33rd-street1%2F&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=111+W.+33rd+Street&amp;index=3&amp;md5=6d13ec685e8decea31c08cdd9fad9d7e">111 W. 33rd Street</a>.
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20240221089922/en/">https://www.businesswire.com/news/home/20240221089922/en/</a>
One Grand Central Place offers 55 stories of modernized, amenitized office space near New York City's top dining, lodging, and entertainment, as well as convenient in-building access to Grand Central Terminal's commuter trains, five subway lines, and Grand Central Madison access to LIRR.
"Sol de Janeiro is a fantastic addition to One Grand Central Place's stellar tenant roster," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "Our partnership together will deliver them a fantastic, custom installation where Sol will enjoy top-tier amenities and convenient access to transportation."
Brent Ozarowski of Newmark represented Sol de Janeiro USA in the lease negotiations. Jordan Berger of ESRT and Scott Klau, William Cohen, Erik Harris, and Neil Rubin of Newmark represented the property owner.
More information about One Grand Central Place, and current office availability, can be found <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fproperties%2Foffice%2Fone-grand-central-place1%2F&amp;esheet=53899605&amp;newsitemid=20240221089922&amp;lan=en-US&amp;anchor=online&amp;index=4&amp;md5=184d093ae099a68720dbdb5b363590f1">online</a>.

News

Contracts

Empire State Realty Trust Announced Today That It Signed A New 11-Year Office Lease With Sol De Janeiro USA

Guidance

Empire State Realty Trust Sees FY24 Core FFO $0.90-$0.94 Vs $0.89 Est.

Chiu previously served as Executive Vice President, Chief Operating Officer &amp; Chief Financial Officer; Horn previously served as Senior Vice President, Chief Accounting Officer
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2F&amp;esheet=53898818&amp;newsitemid=20240220404736&amp;lan=en-US&amp;anchor=Empire+State+Realty+Trust%2C+Inc.&amp;index=1&amp;md5=8e73dc547b16fc26e5e71329aa784ed6">Empire State Realty Trust, Inc.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) announced today that Executive Vice President, Chief Operating Officer &amp; Chief Financial Officer Christina Chiu has been promoted to President. Anthony E. Malkin will continue to serve as Chairman and Chief Executive Officer. Additionally, Senior Vice President, Chief Accounting Officer Stephen V. Horn has been promoted to Executive Vice President, Chief Financial Officer &amp; Chief Accounting Officer.
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20240220404736/en/">https://www.businesswire.com/news/home/20240220404736/en/</a>
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"In her nearly four years with ESRT, Christina has grown with experience, led with strength, contributed materially to the sector leading successes of ESRT, and been a great partner. Her well-deserved promotion recognizes her capabilities, responsibilities, and value add to ESRT and reflects our success in the attraction, development and promotion of talent for our present and future opportunities," said Anthony E. Malkin, ESRT Chairman and CEO.
"Steve Horn has been a tremendous asset to ESRT since he joined us in December 2020, and his promotion to Chief Financial Officer &amp; Chief Accounting Officer reflects our view of his capabilities," said Christina Chiu. "When we brought Steve on board, we had his potential to fill this role in mind, and I will continue to work closely with Steve on his growth and development in his new role at ESRT."
Tom Durels continues in his role as EVP, Real Estate and as a key partner to Malkin, Chiu and Horn. Chiu continues her close partnerships with Malkin and Durels on all matters. Horn has been an integral member of ESRT's management team, performed exceptionally well in his Chief Accounting Officer role, and has deep knowledge of financial reporting.
More information about the ESRT leadership can be found <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.esrtreit.com%2Fleadership%2F&amp;esheet=53898818&amp;newsitemid=20240220404736&amp;lan=en-US&amp;anchor=online&amp;index=2&amp;md5=0386ef0cfbe00bf13ca64963f99aa75c">online</a>.

Management

Empire State Realty Trust Appoints Christina Chiu As President, Stephen V. Horn As Chief Financial Officer & Chief Accounting Officer; Anthony E. Malkin Will Continue To Serve As Chairman And Chief Executive Officer

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.25 per share which beat the analyst consensus estimate of $0.21 by 19.05 percent. The company reported quarterly sales of $151.17 million which missed the analyst consensus estimate of $186.47 million by 18.93 percent. This is a 3.61 percent increase over sales of $145.91 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Empire State Realty Trust Q4 2023 FFO $0.25 Beats $0.21 Estimate, Sales $151.17M Miss $186.47M Estimate

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Earnings Scheduled For February 20, 2024

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Empire State Realty Trust Says Burlington Stores Expands By 67,865 Square Feet To Occupy Total Of 170,763 Square Feet At 1400 Broadway

Empire State Realty Trust Signs New Full-Floor Lease With Greater New York Mutual Insurance Company At Empire State Building

Donald Trump built his wealth through estate investments and development. He inherited a portion of his father&#8217;s real estate business, which he then expanded through strategic property deals, hotel developments, and branding.&nbsp;
Trump also ventured into entertainment, including his popular show The Apprentice and his new social media app Truth Social, which is <a href="https://www.benzinga.com/real-estate/24/01/36662910/trump-linked-spac-digital-world-acquisition-corp-dwac-continues-surge-after-iowa-win">trying to go public</a> through a SPAC merger with Digital World Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DWAC#NASDAQ">DWAC</a>).
Investing in real estate is not as easy as it once was, especially with rates at elevated levels. However, investors can explore alternative routes to enter the real estate market, including investing in real estate investment trusts (REITs) or participating in <a href="https://www.benzinga.com/alternative-investments/real-estate">real estate crowdfunding</a>.
So, how can you invest like Donald Trump? Well, his portfolio is <a href="https://www.benzinga.com/real-estate/24/01/36535479/donald-trumps-real-estate-portfolio-is-highly-concentrated-in-these-two-states">highly concentrated in two states</a> – New York and Florida.
<h2 class="wp-block-heading">Invest in New York</h2>
An easy way to invest in New York City is with Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>). It's a NYC-focused REIT that owns and operates a portfolio of office, retail, and multifamily assets, including the world-famous Empire State Building, One Grand Central Place, and 1400 Broadway. As of September 30, 2023, its portfolio consists of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space, and 727 residential units.
Empire State also offers investors the opportunity to generate income. Its <a href="https://investors.esrtreit.com/stock-information/dividend-history/default.aspx">dividend has varied</a> since its 2013 initial public offering, but it currently pays a quarterly dividend of $0.035 per share, equating to $0.14 per share annually, giving it a yield of about 1.4% today. While its yield is not eye-popping, it could surely grow this dividend over time.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This<a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100"> Dara Khosrowshahi-backed startup</a> will allow you to become a landlord in just 10 minutes, and you only need $100.</li>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
</ul>
<h2 class="wp-block-heading">Invest in Florida</h2>
A great way to invest in Florida is with Invitation Homes (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INVH#NYSE">INVH</a>). Invitation Homes has approximately 80,000 homes for lease across 16 markets in the U.S., making it one of the largest homeowners in the country. In the <a href="https://s28.q4cdn.com/264003623/files/doc_presentation/2023/11/investor-presentation_november-2023_vfinal.pdf">third quarter of 2023</a>, its Florida markets – Orlando, Tampa, and South Florida – represented 30% of its total revenue.
Invitation Homes is also a fantastic dividend stock. It currently pays a quarterly dividend of $0.28 per share, equating to $1.12 per share annually, which gives it a yield of about 3.3% today. It has also raised its annual dividend every year since its initial public offering in 2017, making it both a high-yield and dividend-growth stock.
<h2 class="wp-block-heading">Another way to invest like Donald Trump</h2>
You can also get started in real estate like Donald Trump with as little as $100 by using a real estate crowdfunding platform, like <a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100">Bezos and Khosrowshahi-backed Arrived Homes</a> or <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">Marcus and Millichap-backed EquityMultiple</a>. Real estate crowdfunding platforms allow you to connect with other investors and pool your money to purchase property for passive real estate income.&nbsp;
Learn more about real estate crowdfunding <a href="https://www.benzinga.com/money/best-real-estate-crowdfunding-platforms">here</a> and check out properties available for investment right now <a href="https://www.benzinga.com/alternative-investments/real-estate">here</a>.
<h2 class="wp-block-heading">Read Next:</h2>
<ul>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
<li>Collecting passive income from real estate just got a whole lot simpler. A new <a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100">real estate fund backed by Dara Khosrowshahi</a> gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.</li>
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Image Credit: Shutterstock

Empire State Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) (the "Company"), today announced that its Board of Directors has authorized the repurchase of up to $500 million of the Company's Class A common stock and Empire State Realty OP, L.P.'s Series ES, Series 250 and Series 60 operating partnership units (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESBA#NYSE">ESBA</a>, FISK and OGCP, respectively)))) for the period from January 1, 2024 through December 31, 2025. This will replace the existing $500 million repurchase authorization that runs from January 1, 2022 through December 31, 2023.

Buybacks

ESBA

FISK

OGCP

Empire State Realty Trust Announces Stock Repurchase Authorization Of Up To $500M Of The Company's Class A Common Stock And Empire State Realty OP, L.P.'s Series ES, Series 250 And Series 60 Operating Partnership Units

Before Donald Trump was the 45th president of the United States, he was best known for his real estate investing chops.&nbsp;
While Trump has real estate properties worldwide, he does most of his business in New York City. Well-known projects in and around the city include Trump Tower, 1 Central Park West, Trump Park Avenue, Trump World Tower, Trump Palace, Trump Plaza and Trump Tower City Center.
With so many years of investing and developing in the city, it's easy to assume that Trump is one of the largest property owners in the Big Apple.&nbsp;
<h2 class="wp-block-heading">But You May Be Surprised</h2>
Trump may be one of the biggest names in New York real estate, but he's far from the largest property owner. Many others top him.&nbsp;
<h3 class="wp-block-heading">The City Of New York</h3>
The City of New York is the largest property owner in the city — and it's not even close. With 362.1 million square feet in its name, the city owns 1.5 times more than the top 10 private companies combined.&nbsp;
<h3 class="wp-block-heading">Vornado Realty Trust</h3>
Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) checks in at second place with 29.7 million square feet. One Penn Plaza and 220 Central Park South are two of its best-known projects.&nbsp;
<h3 class="wp-block-heading">SL Green Realty&nbsp;</h3>
With 28.7 million square feet to its name, SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) isn't far behind Vornado Realty Trust.&nbsp; One Vanderbilt, which opened in 2020, is just one of its many notable projects.&nbsp;
<h3 class="wp-block-heading">Tishman Speyer</h3>
Tishman Speyer owns 20.5 million square feet of real estate in New York City. This includes recent projects such as the downtown Brooklyn Macy's and Rockefeller Center. Those are some big names.&nbsp;
<h3 class="wp-block-heading">Blackstone Group</h3>
Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) owns 20.1 million square feet of real estate in New York City, including the Stuyvesant Town–Peter Cooper Village.&nbsp;
Rounding out the top 10 are Related Cos., Columbia University, Brookfield Property Partners, RXR Realty and New York University.&nbsp;
While these companies are the largest property owners in New York City, many others continue to make moves. For example, Empire State Realty Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) — owner of the Empire State Building — owns approximately 10 million square feet and is growing.&nbsp;
Trump isn't the largest property owner in New York City — he's far from it.&nbsp;
Investing in real estate just got a whole lot simpler and you can get started in minutes with as little as $100. <a href="https://www.benzinga.com/alternative-investments/real-estate">Browse available offerings here</a>.

Evercore ISI Group analyst Steve Sakwa downgrades Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) from Outperform to In-Line and announces $9 price target.

Downgrades

Price Target

Analyst Ratings

Evercore ISI Group Downgrades Empire State Realty Trust to In-Line, Announces $9 Price Target

Real estate investment trusts (REITs) have had a rough time this year, as higher interest rates and fears of a recession have weighed upon the share prices of the stocks. Analysts have been adjusting earnings estimates lower for some time.
But REITs are reporting third-quarter earnings this week, and several are proving the consensus estimates wrong with better funds from operations (FFO) and revenue than expected. Take a look at three REITs that recently beat the Street estimates with improving numbers.
Empire State Realty Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) is a New York City-based diversified REIT that owns and operates a portfolio of office, retail and multifamily properties in the New York metro area. Empire State Realty owns the Empire State Building, one of the world's most famous buildings. As of Sept. 30, Empire's portfolio included 8.6 million rentable square feet of office space, 700,000 rentable square feet of retail space and 727 residential units in three multifamily properties.
On Oct. 25, Empire State Realty Trust delivered its third-quarter operating results. FFO of $0.25 per share was above the consensus estimate of $0.23 and 19.05% above FFO of $0.21 per share in the third quarter of 2022. Rental revenue of $151.46 million was 2.14% higher than revenue of $148.29 million in the third quarter of 2022. Total revenue of $191.53 million beat the estimates of $185.39 million and was 4.3% higher than revenue of $183.29 million in the third quarter of 2022.
Empire State also updated its full-year 2023 FFO guidance range to $0.85-$0.87 per share. The consensus is for $0.86.
On Oct. 2, Empire State announced it acquired two properties in the Williamsburg section of Brooklyn, New York, for an aggregate purchase price of $26.4 million.
Empire State Realty Trust jumped 8% following the earnings report.
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<li>Elon Musk may be adding "landlord" to his list of titles. <a href="https://www.benzinga.com/money/elon-musk-adding-landlord-list-of-titles">Here's how to join him in his latest venture with as little as $100.</a></li>
<li>Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/3-high-yield-investments-boost-income">Here are 3 high-yield investments to add significant income to your portfolio</a>.</li>
</ul>
KKR Real Estate Finance Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>) is a New York City-based mortgage REIT (mREIT) that provides customized and structured collateralized loans to commercial real estate projects. Its portfolio of 71 loans across the U.S. is worth $7.87 billion. Of its loan portfolio, 55% is multifamily and industrial properties and the average loan amount is $124 million.
On Oct. 23, KKR Real Estate Finance Trust reported its third-quarter operating results. Mortgage REITs use earnings per share (EPS) rather than FFO in operating results. Non-generally accepted accounting principles (GAAP) EPS of $0.25 beat the estimates by $0.14. Revenue of $50.1 million beat the estimates of $42.9 million, although it was down 2.1% year-over-year.
After the earnings report came out, both Raymond James and JMP Securities maintained Outperform ratings on KKR Real Estate, with Raymond James analyst Stephen Lewis lowering the price target from $15 to $14.50 and JMP analyst Steven Delaney lowering the price target from $14 to $13. Based on the $13 price, the potential appreciation is 23.6% from its most recent closing price of $10.51.&nbsp;&nbsp;
LTC Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) is a Westlake, California-based healthcare REIT that owns and leases 208 healthcare properties, comprising 50% senior housing and 50% skilled nursing facilities. LTC Properties' revenue is derived from triple-net leases, mortgages and mezzanine loans from its 29 operators across 27 states.
On Oct. 26, LTC Properties delivered its third-quarter operating results. FFO of $0.65 per share was slightly above the consensus estimate of $0.64 but $0.05 above FFO of $0.60 per share in the third quarter of 2022. Revenue of $49.3 million was ahead of estimates of $47.98 million and 13.3% higher than revenue of $43.5 million in the third quarter of 2022. LTC also reported that although expenses were slightly higher year over year, it had reduced its expenses by 24.5% from the second quarter of 2023.
Analysts have covered LTC Properties extensively in recent weeks. On Oct. 3, Wedbush Securities analyst Richard Anderson initiated coverage on LTC Properties with an Outperform rating and announced a $36 price target. On Sept. 28, Berenberg Capital Markets analyst Connor Siversky initiated coverage on LTC Properties with a Buy rating and a $36 price target. On Sept. 20, Jefferies analyst Joe Dickstein initiated coverage on LTC Properties with a Hold rating and announced a $29 price target.
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the <a href="https://www.benzinga.com/money/reit-newsletter">Weekly REIT Report.</a>

3 REITs That Just Beat Analysts' Estimates

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.25 per share. This is a 19.05 percent increase over earnings of $0.21 per share from the same period last year. The company reported $151.46 million in sales this quarter. This is a 2.14 percent increase over sales of $148.29 million the same period last year.

Empire State Realty Trust Q3 FFO $0.25 Up From $0.21 YoY, Sales $151.46M Up From $148.29M YoY

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.25 per share which beat the analyst consensus estimate of $0.23 by 8.7 percent. This is a 19.05 percent increase over earnings of $0.21 per share from the same period last year. The company reported $151.46 million in sales this quarter. This is a 2.14 percent increase over sales of $148.29 million the same period last year.

Empire State Realty Trust Q3 EPS $0.25 Beats $0.23 Estimate, Sales $151.46M Up From $148.29M YoY

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Earnings Scheduled For October 25, 2023

Empire State Realty Trust Acquires Two Properties In Williamsburg, Brooklyn For Aggregate Purchase Price Of $26.4M

Wells Fargo analyst Blaine Heck maintains Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) with a Underweight and raises the price target from $6 to $7.

Wells Fargo Maintains Underweight on Empire State Realty Trust, Raises Price Target to $7

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) has observed the following analyst ratings within the last quarter: 
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
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<td>Total Ratings</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
According to 4 analyst offering 12-month price targets in the last 3 months, Empire State Realty Trust has an average price target of $8.56 with a high of $10.00 and a low of $7.25. 
Below is a summary of how these 4 analysts rated Empire State Realty Trust over the past 3 months. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the more negative analysts are on the stock
<img src="https://www.benzinga.com/files/images/story/2023/1692302422_0.png" alt="price target chart" />
This current average has increased by 20.22% from the previous average price target of $7.12. 
<a href="https://www.benzinga.com/quote/ESRT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Empire State Realty Trust analyst ratings.</a>
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<h1>How Are Analyst Ratings Determined?</h1>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Expectations for Empire State Realty Trust's Future

Evercore ISI Group analyst Steve Sakwa maintains Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) with a Outperform and raises the price target from $8 to $10.

Evercore ISI Group Maintains Outperform on Empire State Realty Trust, Raises Price Target to $10

Citigroup analyst Michael Bilerman maintains Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) with a Neutral and raises the price target from $7.25 to $9.

Citigroup Maintains Neutral on Empire State Realty Trust, Raises Price Target to $9

Overall market sentiment has been high on Empire State Realty Trust Inc (ESRT)  stock lately. ESRT receives a Bullish rating from InvestorsObserver Stock Sentiment Indicator. Empire State Realty Trust Inc has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on ESRT!See Full ESR

Where Will Empire State Realty Trust Inc (ESRT) Stock Go Next After It Is Up 1.23% in a Week?

An update from Empire State Realty (ESRT) is now available. Empire State Realty Trust, Inc. has negotiated a deal to hand over its Stamford, Connec...

Empire State Realty Strategically Clears $176M Debt

Empire State Realty Trust to transfer First Stamford Place in foreclosure process

Analyst John Kim of BMO Capital reiterated a Buy rating on Empire State Realty (ESRT – Research Report), with a price target of $11.00. John Kim ha...

Strategic Asset Relinquishment Strengthens Empire State Realty's Market Position and Financial Health

A Crude Problem

Empire State Realty Trust announces private placement of green senior unsecured notes

Empire State Realty (ESRT) has provided an update. Empire State Realty Trust, Inc. and its subsidiary have initiated a private placement of $225 mi...

Empire State Realty Launches Green Notes Private Placement

In a report released yesterday, Blaine Heck from Wells Fargo maintained a Sell rating on Empire State Realty (ESRT – Research Report), with a price...

Wells Fargo Sticks to Their Sell Rating for Empire State Realty (ESRT)

Real estate stocks continue on downward trajectory as market's April pullback intensifies