Empire State Realty Trust (NYSE:ESRT) Sets New 12-Month Low – Here’s What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT) reached a new 52-week low during trading on Thursday . The company traded as low as $7.20 and last traded at $7.29, with a volume of 139012 shares. The stock had previously closed at $7.85.

Analysts Set New Price Targets

ESRT has been the subject of several research reports. StockNews.com upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a research report on Thursday. Wolfe Research upgraded shares of Empire State Realty Trust from a “peer perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a research note on Tuesday, March 25th.

Empire State Realty Trust Price Performance

The firm has a 50 day moving average price of $8.66 and a two-hundred day moving average price of $9.96. The company has a market cap of $1.21 billion, a P/E ratio of 25.80 and a beta of 1.39. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.72 and a current ratio of 3.72.

Empire State Realty Trust (NYSE:ESRT) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.19. The firm had revenue of $155.13 million during the quarter, compared to analyst estimates of $192.62 million. Empire State Realty Trust had a net margin of 6.45% and a return on equity of 2.84%. On average, analysts predict that Empire State Realty Trust, Inc. will post 0.88 EPS for the current fiscal year.

Empire State Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.94%. Empire State Realty Trust’s dividend payout ratio is currently 50.00%.

Insider Transactions at Empire State Realty Trust

In other news, EVP Thomas P. Durels sold 11,843 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $8.02, for a total value of $94,980.86. Following the sale, the executive vice president now directly owns 44,185 shares of the company’s stock, valued at approximately $354,363.70. This represents a 21.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 30,122 shares of company stock valued at $242,761 over the last three months. Company insiders own 14.01% of the company’s stock.

Institutional Trading of Empire State Realty Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Investment Advisors Inc. raised its stake in Empire State Realty Trust by 8.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 14,263 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,131 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Empire State Realty Trust by 4.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 28,391 shares of the real estate investment trust’s stock worth $315,000 after buying an additional 1,231 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Empire State Realty Trust by 2.7% during the 4th quarter. State of Alaska Department of Revenue now owns 65,276 shares of the real estate investment trust’s stock valued at $672,000 after buying an additional 1,722 shares in the last quarter. MetLife Investment Management LLC raised its position in shares of Empire State Realty Trust by 2.3% during the 4th quarter. MetLife Investment Management LLC now owns 83,357 shares of the real estate investment trust’s stock valued at $860,000 after buying an additional 1,855 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Empire State Realty Trust during the 3rd quarter worth $25,000. Institutional investors own 67.10% of the company’s stock.

About Empire State Realty Trust

Empire State Realty Trust, Inc (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The company is the recognized leader in energy efficiency and indoor environmental quality. ESRT’s flagship Empire State Building – the “World’s Most Famous Building” – includes its Observatory, Tripadvisor’s 2023 Travelers’ Choice Awards: Best of the Best the #1 attraction in the US for two consecutive years.