Last Updated: 09 Nov 2024
Executive Summary
Empire State Realty Trust Inc. (ESRT) is a real estate investment trust (REIT) that owns, manages, operates, acquires, and repositions offices and retail properties in Manhattan and the New York metropolitan area. The company's flagship property is the Empire State Building. ESRT's stock price has been under pressure in recent months due to concerns about the impact of the COVID-19 pandemic on the commercial real estate market. However, the company's fundamentals remain strong, and it is well-positioned to benefit from the long-term recovery of the New York City economy.
Company Overview
ESRT was founded in 2013 and is headquartered in New York City. The company's portfolio consists of approximately 10.1 million square feet of office and retail space, including the Empire State Building, the Plaza Hotel, and the MetLife Building. ESRT is a publicly traded company and its shares are listed on the New York Stock Exchange (NYSE).
Fundamental Analysis
ESRT's financial performance has been solid in recent years. The company's revenue has grown steadily, and its earnings per share (EPS) have increased significantly. In 2023, ESRT reported revenue of $763.2 million and EPS of $0.27. The company's balance sheet is also strong, with a low level of debt and ample liquidity.
Technical Analysis
ESRT's stock price has been trading in a range between $8.19 and $11.62 over the past 52 weeks. The stock is currently trading at $10.87, which is near the middle of its 52-week range. The stock's technical indicators are mixed, with the relative strength index (RSI) indicating that the stock is overbought and the moving average convergence divergence (MACD) indicating that the stock is in a downtrend.
Short Term Outlook
The short-term outlook for ESRT's stock is mixed. The company's fundamentals are strong, but the stock's technical indicators are mixed. Investors should be aware that the stock could experience volatility in the short term.
Long Term Outlook
The long-term outlook for ESRT's stock is positive. The company's fundamentals are strong, and it is well-positioned to benefit from the long-term recovery of the New York City economy. Investors should consider buying ESRT's stock for the long term.
Analyst Recommendations
Analysts are generally positive on ESRT's stock. The consensus recommendation is "buy," with a target price of $11.50.
