"A New York City-focused REIT, with an expansive portfolio that includes the Empire State Building, has hit a prolonged rough patch amid structural shifts in the post-COVID retail and office space dynamics across the country. The Empire State Realty Trust Inc. (NYSE:ESRT) has witnessed a steep decline in its Growth score in Benzinga's Edge Stock Rankings, which coincides with the drop in the company's stock price over the past year."
"The company has also reported a string of misses on top-line estimates in its recent quarters, alongside a steady decline in earnings, as the remote/hybrid work trend, alongside the slowdown in tourism, continues to weigh on its earnings. The stock is down 35.99% year-to-date and 7% over the past month. The stock scores poorly on Momentum and Growth in Benzinga's Edge Stock Rankings, with an unfavorable price trend in the short, medium and long terms."
Empire State Realty Trust (ESRT) owns high-profile New York City properties including the Empire State Building and has seen a steep decline in its Growth metrics. Benzinga's Growth score measures historical earnings and revenue pace with equal weight on short- and long-term trends and ranks companies by percentile. ESRT's Growth score fell from 44.61 to 30.1 in a week after analysts such as Wells Fargo trimmed price targets. The company has missed top-line estimates and experienced declining earnings as remote/hybrid work and weaker tourism weigh on results. The stock is down roughly 36% year-to-date and shows poor Momentum and Growth across timeframes.
Read at Benzinga
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