Last Updated: 16 Sep 2024
Executive Summary
Empire State Realty Trust Inc. (ESRT) is a major real estate investment trust (REIT) that owns and operates a portfolio of office and retail properties in Manhattan and the New York metropolitan area. The company's flagship property is the iconic Empire State Building. ESRT has a market capitalization of $3.05 billion and trades on the NYSE under the symbol "ESRT."
Company Overview
ESRT was founded in 2013 and has since grown to become one of the largest REITs in the United States. The company's portfolio consists of 10.2 million square feet of office space and 700,000 square feet of retail space. ESRT's properties are located in some of the most desirable locations in Manhattan, including Midtown, Times Square, and the Financial District.
Fundamental Analysis
ESRT's financial performance has been strong in recent years. The company's revenue and earnings have grown steadily, and its occupancy rates have remained high. In 2023, ESRT reported revenue of $755.1 million and net income of $121.3 million. The company's diluted EPS was $0.26.
ESRT's balance sheet is also strong. The company has a low level of debt and a high level of liquidity. ESRT's debt-to-asset ratio is 35.6%, and its current ratio is 1.2.
Technical Analysis
ESRT's stock price has been trending sideways in recent months. The stock is currently trading at $10.6, which is below its 52-week high of $11.16. The stock's 50-day moving average is $10.37, and its 200-day moving average is $9.77.
Short Term Outlook
The short-term outlook for ESRT is mixed. The company's financial performance is strong, but its stock price has been trending sideways. The stock's technical indicators are also mixed. The stock's 50-day moving average is above its 200-day moving average, which is a bullish sign. However, the stock's relative strength index (RSI) is below 50, which is a bearish sign.
Long Term Outlook
The long-term outlook for ESRT is positive. The company's portfolio of high-quality properties in desirable locations should continue to generate strong cash flow. ESRT's management team is also experienced and has a proven track record of success.
Analyst Recommendations
The majority of analysts have a "hold" rating on ESRT. The average analyst target price is $11.60.
Conclusion
ESRT is a well-managed REIT with a strong portfolio of properties in desirable locations. The company's financial performance is strong, and its long-term outlook is positive. However, the stock's short-term outlook is mixed. Investors should consider the company's fundamentals and technical indicators before making an investment decision.
