The Big Apple. The Melting Pot. The City That Never Sleeps. No matter what you call it, New York City is one of the most vibrant cities in the world, and its reputation for hard work and attitude is a constant reminder of what it means to be American.
Thus, it should come by no surprise that some of the country's most successful businesses call New York City home. While many corporations move to the city to be a part of the hustle and bustle, it's the New Yorker-built companies that make America's biggest city a capitalist success story.
Of course, the New York Stock Exchange has also made the city the center of the global financial market, but it's still a challenge to find the best companies that are based in the city. Luckily, we've compiled an impressive shortlist, so check out these stocks and fuhgedaboudit!
Empire State Realty Trust (ESRT)
The Empire State Realty Trust is a leading local REIT that owns one of the most iconic buildings in the world-the Empire State Building. With a portfolio of just about 20 properties, this company gets most of its revenue from the Empire State Building. This cultural icon brings in cash in a variety of ways, including a massive $111 million in ticket sales to visit the observatory.
Currently, ESRT has a Zacks Rank #2 (Buy). In the past 30 days, we've seen four positive earnings estimate revisions, and the company has surpassed the Zacks Consensus Estimate for earnings by an average of 7.91% in the trailing four quarters. In short, it doesn't look like one of the world's most famous building is going to get any less popular soon.
New York Community Bancorp (NYCB)
The New York Community Bancorp and its two subsidiaries, New York Community Bank and New York Commercial Bank, are the epitome of a successful local bank. The company operates over 200 branches in the Metro New York and New Jersey areas, and is a leading producer of multi-family loans with a specific emphasis on apartments with below-market rents. The company was founded in 1859 in Queens and is now the largest savings and loan association in the state.
Currently, NYCB has a Zacks Rank #1 (Strong Buy). Despite a rough start to the month of November, the company is seeing nothing but positive earnings estimate revisions. In fact, we've seen eight positive revisions in the past 30 days. The impending Fed rate hike in December should also be good news for the company in the long-term.
Shake Shack (SHAK)
Shake Shack is a true New York success story that started with the city's rebuilding of Madison Square Park in 2000. Restauranteur Danny Meyer helped spearhead the Madison Square Park Conservatory to help redevelop the park, and his business partner established a hot dog cart to be placed there. In 2004, the city starting taking bids on a new kiosk-style restaurant within the park, and Meyer created what would be the first Shake Shack location. These days, Shake Shack is an international chain, but it still calls New York City home.
After a successful IPO , Shake Shack took its investors on a roller-coaster ride this year. Nevertheless, the future looks bright for the company, and the stock currently has a Zacks Rank #1 (Strong Buy). This is primarily driven by its recent earnings success, as Shake Shack outperformed the Zacks Consensus Estimate by over 70% in its latest report. Furthermore, we have seen six positive earnings estimate revisions over the past 30 days.
It just doesn't get much more American than New York City. From its earliest days, the Big Apple has been known for hard work and capitalism. Of course, this doesn't mean that every New York-based company is a winner, but some are. For those looking to invest in the attitude that is New York, these stocks stick out right now.